- Signs for push-out forces
- After 13 years on the job
- Matt Sheehan taking over
- Prim will remain as Executive Chairman at Primo Water
- Prim kept it short and said 27 words
(exechange) — Winston-Salem, North Carolina, April 27, 2017 — Billy Prim, chief executive of Primo Water, leaves the position. It is a change at short notice. As announced by Primo Water Corporation in a news release on Thursday, April 27, 2017, Billy D. Prim leaves the post as Chief Executive Officer at the provider of multi-gallon purified bottled water after 13 years on the job, effective May 31, 2017.
It is the end of an era.
Prim’s duties are taken over by Matt Sheehan, currently Chief Operating Officer at Primo Water Corporation.
“As part of its established leadership succession plan”
The imminent management change is explained as follows. Primo Water said: “Primo Water Corporation … today announced as part of its established leadership succession plan, Billy D. Prim, the Company’s Founder, Chairman and Chief Executive Officer, will transition to Executive Chairman of the Board.”
Prim will remain as Executive Chairman at Primo Water
Billy D. Prim will transition to Executive Chairman of the Board effective May 31, 2017.
“In his new role, Mr. Prim will focus on leading the Board of Directors, giving advice and counsel to Mr. Sheehan and the leadership team on strategy, partnership alliances, and leadership training, as well as continuing to build relationships within the industry,” Primo Water said.
Share price decline
The change follows a decline in the share price of Primo Water Corporation since February 2017.
Manatuck Hill holds 6.62 percent stake
Manatuck Hill Partners, LLC reported a 6.62 percent stake in Primo Water Corporation as of December 31, 2016.
On the job as CEO since 2004
As founder and Primo Water’s largest individual shareholder, Prim has seen the Company grow from a business plan to an organization with over 45 thousand locations across the United States and Canada.
Prim has been the Company’s Chairman and Chief Executive Officer since he founded Primo in 2004 and has served on the Company’s Board of Directors since 2004.
Prior to founding Primo, Prim founded Blue Rhino Corporation (a provider of propane cylinder exchange and complementary propane and non-propane products) in March 1994 and served as its Chief Executive Officer and Chairman of the Board.
He led Blue Rhino’s initial public offering in May 1998 and remained its Chief Executive Officer until April 2004, when Blue Rhino was acquired by Ferrellgas Partners, L.P., at which time he was elected to the Ferrellgas board of directors on which he served until November 2008.
Prim previously served on the board of directors of Towne Park Ltd. and Southern Community Bank and Trust.
Prim also serves on the Wake Forest School of Business Board of Visitors and the Wake Forest Institute for Regenerative Medicine Advisory Board.
Signs for push-out forces
It is not completely certain what forces eventually triggered Billy Prim’s imminent move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 18.2017 ($).