- Push-out Score determined
- After about two and a half years in the position
- Billy Prim taking over in the interim
- Search for a successor
(exechange) — Winston-Salem, North Carolina, November 5, 2019 — Matt Sheehan, chief executive of Primo Water, leaves. As announced by Primo Water Corp. in a news release and in a regulatory filing published on Tuesday, November 5, 2019, Matthew T. (Matt) Sheehan has left his post as Chief Executive Officer at the drink company after about two and a half years in the role, effective November 1, 2019.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.4 years, according to data compiled by exechange. On an accumulated basis, around 25% of the CEOs who announced their departure over the past 12 months left their posts within three years.
Primo Water will undertake a search for a successor.
Matt Sheehan’s duties as CEO will be taken over in the interim by Billy D. Prim, most recently Executive Chairman of Primo Water Corporation, as Interim Chief Executive Officer.
“Execution fell short of our expectations”
Matt Sheehan’s departure from the CEO post is explained as follows. Susan Cates, Primo Water’s Lead Independent Director, said: “The Board of Directors is committed to enhancing stockholder value. When execution fell short of our expectations, we concluded it was time for a leadership change. We remain confident in Primo Water’s ability to generate sustainable and profitable growth.”
Precise information regarding Matt Sheehan’s future plans was not immediately available.
“Terminated”
Primo Water said: “Matt Sheehan was terminated as President and CEO and has resigned as a member of the Primo Water Board of Directors (the “Board”).”
Primo Water further said: “Effective November 1, 2019, Matthew T. Sheehan was terminated as President and Chief Executive Officer of the Company.”
Share price decline
The announcement follows a decline in Primo Water Corporation’s share price of 37% since September 2018.
In the position of CEO since 2017
Matt Sheehan became CEO of the Company in May 2017.
Matthew T. Sheehan has served as the Company’s President and Chief Executive Officer since May 2017 and as a director since October 2016.
From June 2013 until May 2017, Sheehan served as the Company’s President and Chief Operating Officer, and he served as Chief Operating Officer from December 2012 until June 2013.
Prior to joining the Company he held the following positions in Sales and Business Development at Redbox (a leading retailer specializing in movie and video game rental services via automated retail kiosks): Vice President, Strategic Venture Advisor in 2011; Vice President, Sales and Business Development from 2006 to 2011; and Director of Business Development from 2005 to 2006.
Prior to Redbox, Sheehan served as the Sales Director, Transportation Solutions at Manhattan Associates, a provider of supply chain software for retail, distribution, transportation, and manufacturing industries.
Sheehan began his career with Streamline.com, a home grocery delivery business, in Supply Chain and Logistics as well as Business Services.
Sheehan is Chairman-elect of the Alumni Advisory Board of the MBA program at Pennsylvania State University (“Penn State”).
Sheehan earned a bachelor’s degree in communications and business management from Bentley University and a MBA from the Penn State College of Business.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Primo Water and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 45.2019 ($).