Bottled water company ignores activist investor’s board member recommendations

Primo Water Corporation (NYSE: PRMW), a Tampa-based provider of sustainable drinking water solutions in North America and Europe, has appointed Eric Foss to its board of directors, ignoring recommendations submitted by Legion Partners Asset Management, an activist investor that has been highly critical of the company’s recent performance.

According to a news release, Foss has decades of experience leading route-based businesses and beverage companies, including Aramark and Pepsi Bottling Group, and even helped guide the latter through an IPO process.

"We are excited to welcome Eric to the Primo Water board of directors," Primo Board Chairman Jerry Fowden states in the release. "Eric is a respected leader, operator and public company director in consumer-driven industries and has a successful track record of driving growth and profitability. We believe his expertise in scaling and optimizing businesses and building high-performance teams will serve Primo Water, its board and its shareowners extremely well."

In its March 6 letter to Primo and its shareholders, Legion Partners nominated Tim Hasara, Derek Lewis, Lori Marcus and Henrik Jelert for board seats.

“Legion Partners spent significant time and energy recruiting a slate that has the experience and qualifications required to ignite a major improvement in the board oversight of Primo,” Legion Partners Managing Partner Chris Kiper writes in the letter. “Legion Partners’ highly qualified, independent nominees will bring substantial and complementary skills in areas that include water delivery, beverage operations, marketing, diversity equity and inclusion, capital allocation and strategic planning.”