Posted 15 November, 2023
Primo Water Corp /CN/ appointed Robbert Rietbroek as new CEO
NYSE:PRMW appointed new Chief Executive Officer Robbert Rietbroek in a 8-K filed on 15 November, 2023.
On November 15, 2023, Primo Water Corporation (the "Company" or "Primo Water") announced the appointment of Robbert Rietbroek, age 50, as Chief Executive Officer of the Company ("CEO"), effective as of January 1, 2024 (the "Effective Date").
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Overview of Primo Water Corp /CN/
Consumer Goods • Non-Alcoholic Beverages/Drinks
Primo Water Corp. engages in the manufacture, process, and distribution of beverages. It operates through the following segments: North America, Rest of World, and All Other. The North America segment offers bottled water, water filtration, and coffee services to customers in North America. The Rest of World segment provides bottled water, water filtration, and coffee services to customers in Europe and Israel. The All Other segment includes the corporate oversight function and other miscellaneous expenses. The company was founded in 1955 and is headquartered in Tampa, FL.Market Cap
$2.59B
View Company Details
$2.59B
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On November 15, 2023, Primo Water Corporation (the "Company" or "Primo Water") announced the appointment of Robbert Rietbroek, age 50, as Chief Executive Officer of the Company ("CEO"), effective as of January 1, 2024 (the "Effective Date"). The appointment concludes a comprehensive CEO search process, launched by the Board of Directors of the Company (the "Board") following Tom Harrington's decision to retire, with the mandate to appoint a highly capable leader with extensive product innovation, operational and transformational experience, capable of further driving growth across the Company's businesses for years to come. Mr. Rietbroek is a seasoned executive bringing more than 25 years of experience at Fortune 500 companies to Primo Water, including five years as Senior Vice President and General Manager responsible for Quaker Foods North America (QFNA), a reported sector of PepsiCo. Prior to his role at Quaker, Mr. Rietbroek was a Senior Vice President and General Manager PepsiCo Australia and New Zealand. Before his tenure at PepsiCo, Mr. Rietbroek served as Vice President and General Manager Australia, New Zealand, Pacific Islands and Vice President and Global Sector Leader Baby and Child Care at Kimberly-Clark. Mr. Rietbroek also spent nearly 16 years at Procter & Gamble in a variety of management and marketing roles in North America, Latin America, Europe, Middle East, and Africa. Mr. Rietbroek has worked across multiple consumer goods categories and has been recognized for exceptional brand building and innovation, achieving several awards and recognitions. The Board also appointed Mr. Rietbroek to serve as a director on the Board, effective January 1, 2024. In connection with Mr. Rietbroek's appointment, he and the Company entered into an offer letter setting out the terms of his employment ("Offer Letter"). Pursuant to the Offer Letter, Mr. Rietbroek will earn an annual base salary of $750,000 and will be eligible to participate in the Company's annual executive bonus plan with an annual target bonus equal to 120% of his base salary, and he will have the opportunity to earn up to 200% of his base salary for achievement of goals in excess of the target goals, as approved by the Human Resources and Compensation Committee of the Board. He will also receive an annual car allowance of $16,000. Mr. Rietbroek will be provided relocation assistance pursuant to the Company's Executive Relocation Policy. This payment is subject to repayment under certain circumstances if Mr. Rietbroek resigns his employment with the Company for any reason or if the Company terminates his employment for Cause (as defined in the Severance Plan) (as defined below) prior to the three-year anniversary of the date on which the Company last disburses relocation-related funds. This payment is also subject to repayment if Mr. Rietbroek does not relocate to within approximately 100 miles of the Tampa, Florida area by a certain deadline. Mr. Rietbroek will be eligible to participate in all of the Company's benefit plans made available to its employees and senior executives, and may receive an annual award equivalent of $3,000,000 comprised of performance-based restricted share units and time-based restricted share units under the LTI program. On the Effective Date, Mr. Rietbroek will receive a one-time inducement award equivalent to $3,500,000 comprised of time-based restricted share units, which will vest in two equal annual installments after the Effective Date. The award will be made outside Primo Water's existing equity incentive plans, but subject to the same terms and conditions as if granted under the Primo Water Corporation 2018 Equity Incentive Plan, as amended. On the Effective Date, he will also receive a one-time cash sign-on bonus of $882,500 (less taxes and withholdings), subject to repayment on a pro rata basis under certain circumstances relating to a termination of employment in the first 12 months after the Effective Date. Mr. Rietbroek will participate in the Company's Amended and Restated Severance and Non-Competition Plan dated December 9, 2020 (the "Severance Plan") as a "Level 1" participant, which entitles him to a cash payment equal to the sum of his annual base salary and target bonus multiplied by 2.0, if his employment is terminated by the Company without Cause or by him for Good Reason (as such terms are defined in the Severance Plan). Mr. Rietbroek is subject to standard confidentiality undertakings and has agreed to several restrictive covenants. He has agreed to a non-competition covenant that generally limits his ability to compete with the Company in any country in which it conducts business. He has also agreed to non-solicitation and non-disparagement covenants. These limitations continue during the term of employment and for a period of two years following termination, regardless of the cause of the termination. There is no arrangement or understanding between Mr. Rietbroek and any other person(s) pursuant to which he was selected as chief executive officer or a director. Mr. Rietbroek does not have any family relationship with any director, executive officer, or person nominated or chosen by the Company to become a director or executive officer. Other than his employment relationship, Mr. Rietbroek does not have a direct or indirect material interest in any transaction in which the Company is a participant. The foregoing description of Mr. Rietbroek's Offer Letter is qualified in its entirety by reference to the full text of the Offer Letter, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.
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