NewAge, Inc. Names Ed Brennan Interim Chief Executive Officer

Rhea-AI Summary

NewAge, Inc. (Nasdaq: NBEV) has appointed Ed Brennan as interim CEO, succeeding Brent Willis, who resigned earlier this year. Brennan, who has been a Board member since 2017 and Chair since January 2022, will utilize his extensive experience in managing publicly traded companies to enhance NewAge's strategic and operational efficiency. He reaffirmed the company's dedication to its direct selling roots and its portfolio of health-focused products, while the Board searches for a permanent CEO. NewAge operates globally in health and wellness sectors through a vast network of Brand Partners.

Positive

• Appointment of experienced Ed Brennan as interim CEO to lead the company.
• Brennan's commitment to enhancing strategic efficiency and financial platforms.
• Reaffirmation of focus on direct selling and health-oriented products.

Negative

• Resignation of former CEO Brent Willis could signal instability.

SALT LAKE CITY, March 09, 2022 (GLOBE NEWSWIRE) -- NewAge, Inc. (Nasdaq: NBEV), a direct selling company with a primary focus on healthy products, today announced that Ed Brennan, Chair of NewAge’s Board of Directors, has been appointed interim Chief Executive Officer, effective immediately. Mr. Brennan succeeds Brent Willis following his resignation earlier this year.

Mr. Brennan has served as a member of NewAge’s Board since 2017 and as Chair since January 2022. He has also served in a number of executive positions, including Chairman and Chief Executive Officer of Duty Free Shoppers, a global luxury retailer, for more than two decades. As interim CEO, Mr. Brennan will leverage his years of experience in running a publicly traded company while working with NewAge’s leaders on strategy, financial platforms and developing additional systems to streamline processes and improve efficiencies. He will retain his Chair responsibilities while the Board continues its CEO search.

Mr. Brennan commented, “As the Chair of NewAge, and a shareholder, I have a deep commitment to the ongoing success of our company. I have been actively engaged with our talented bench of senior leadership, and am extremely impressed with their passion, entrepreneurial spirit and drive for success. During this transition period, we have reconfirmed our commitment to our heritage as a direct selling company, one we are proud of and will build to be among the best in our industry.”

About NewAge, Inc.
NewAge is a purpose-driven company dedicated to inspiring the planet to Live Healthy™. NewAge commercializes a portfolio of healthy products worldwide primarily through a direct selling route to market distribution system across more than 50 countries. The company competes in three major category platforms including health and wellness, inner and outer beauty, and nutritional performance and weight management — through a network of exclusive independent Brand Partners, empowered with the leading social selling tools and technology available worldwide. More information on the Company can be found at NewAgeGroup.com.

Contact:

Investors
NewAge, Inc.
Lisa Mueller
VP, Investor Relations
ir@newage.com

FAQ

Who is the new interim CEO of NewAge, Inc. (NBEV)?

Ed Brennan has been appointed as the interim CEO of NewAge, Inc. (NBEV) effective immediately.

Why did Brent Willis resign from NewAge, Inc.?

Brent Willis resigned earlier this year, leading to the appointment of Ed Brennan as interim CEO.

What experience does Ed Brennan have as interim CEO?

Ed Brennan has served on the Board of NewAge since 2017 and has extensive experience in managing publicly traded companies.

What is NewAge's main business focus?

NewAge focuses on health products and operates primarily through a direct selling distribution system.

What is the stock symbol for NewAge, Inc.?

The stock symbol for NewAge, Inc. is NBEV.