PRIMO WATER CORPORATION ANNOUNCES APPOINTMENT OF DAVID HASS AS CHIEF FINANCIAL OFFICER

Rhea-AI Summary

Primo Water Corporation (NYSE: PRMW) has appointed David W. Hass as its new Chief Financial Officer, effective April 1, 2023. Mr. Hass, who has been with the company since 2020 as Chief Strategy Officer, succeeds Jay Wells, who will assist in the transition until his retirement. The change aims to leverage Mr. Hass's extensive experience in enhancing innovation and growth within the company's sustainable drinking water solutions across North America and Europe. Primo generates approximately $2.1 billion in annual revenue, primarily through its water dispensers and delivery services.

Positive

• Appointment of David W. Hass as CFO may inject fresh leadership and strategic initiatives.
• Hass's extensive experience within the company could enhance continuity in operations.
• Continued focus on innovation and growth in the sustainable water solutions market.

Negative

• Transitioning leadership may raise concerns regarding continuity during organizational changes.

TAMPA, Fla, Jan. 24, 2023 /PRNewswire/ - Primo Water Corporation (NYSE: PRMW) (TSX: PRMW) (the "Company" or "Primo"), a leading provider of sustainable drinking water solutions in North America and Europe, today announced the appointment of David W. Hass as Chief Financial Officer. Mr. Hass is replacing Mr. Jay Wells, who previously announced his planned retirement as Chief Financial Officer, effective April 1, 2023.  Mr. Wells will assist with the CFO transition through his retirement date.

"David is a strategic and purpose-driven leader with an exceptional depth of experience across our business," said Tom Harrington, Chief Executive Officer of Primo. " As David assumes this new role, we will draw on that experience in helping us drive innovation, accelerate growth and propel operational excellence of our differentiated 'Water Your Way' platform."

Since 2020, Mr. Hass has been Chief Strategy Officer for the Company. From 2011 to 2020, Mr. Hass served in various roles with legacy Primo, including Chief Strategy Officer, Vice President of Strategy, Vice President of Financial Planning & Analysis (FP&A), as well as GM of the Canadian Business Unit and the Water Direct Business Unit. From 2007 to 2011, Mr. Hass served as Vice President of Consumer Investment Banking at Stifel (formerly Thomas Weisel Partners). Prior to that, Mr. Hass served as an Associate in the Client Financial Management practice at Accenture. 

ABOUT PRIMO WATER CORPORATION

Primo Water Corporation is a leading pure-play water solutions provider in North America and Europe and generates approximately $2.1 billion in annual revenue. Primo operates largely under a recurring razor/razorblade revenue model. The razor in Primo's revenue model is its industry leading line-up of sleek and innovative water dispensers, which are sold through retailers and online at various price points. The dispensers help increase household penetration which drives recurring purchases of Primo's razorblade offering. Primo's razorblade offering is comprised of Water Direct, Water Exchange, and Water Refill. Through its Water Direct business, Primo delivers sustainable hydration solutions across its 21-country footprint direct to the customer's door, whether at home or to businesses. Primo sells dispensers online and in approximately 10,000 retail locations. Complementing the dispenser business, Primo offers pre-filled Water Exchange in approximately 17,500 retail locations and approximately 23,500 self-service Water Refill machines at retail locations. Primo also offers water filtration units across its 21-country footprint.

Primo's water solutions expand consumer access to purified, spring, and mineral water to promote a healthier, more sustainable lifestyle while simultaneously reducing plastic waste and pollution. Primo is committed to its water stewardship standards and is proud to partner with the International Bottled Water Association (IBWA) in North America as well as with Watercoolers Europe (WE), which ensure strict adherence to safety, quality, sanitation and regulatory standards for the benefit of consumer protection.

Primo is headquartered in Tampa, Florida (USA). For more information, visit www.primowatercorp.com.

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SOURCE Primo Water Corporation

FAQ

Who is David W. Hass and what is his background related to PRMW?

David W. Hass has served as Chief Strategy Officer since 2020 and has held various roles at Primo since 2011, including Vice President of Financial Planning & Analysis.

When is the effective date of the new CFO appointment at Primo Water Corporation?

David W. Hass will officially become Chief Financial Officer on April 1, 2023.

What did Jay Wells do prior to his retirement as CFO of PRMW?

Jay Wells announced his retirement as Chief Financial Officer and will assist with the transition until April 1, 2023.

How does the CFO change impact Primo Water Corporation's strategy?

The appointment of David W. Hass aims to leverage his strategic experience to drive innovation and growth at Primo.

What is Primo Water Corporation's annual revenue?

Primo Water Corporation generates approximately $2.1 billion in annual revenue.