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Primo Water Corporation (NYSE:PRMW) (TSX:PRMW) (the "Company" or "Primo Water"), a leading provider of sustainable drinking water solutions direct to consumers in North America and Europe, today announced that Primo Water's Board of Directors has appointed Robbert Rietbroek as Chief Executive Officer and to the Board of Directors, effective January 1, 2024. The appointment concludes a comprehensive CEO search process, launched by 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 Primo Water'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.
"On behalf of the Board, I want to thank Tom for his significant contributions and dedicated years of service to Primo Water which helped establish the strong foundation for the future," said Jerry Fowden, Chairman of the Board. "The Board's search committee worked diligently and thoroughly throughout the CEO search process, and we are confident that Robbert is the right person to take Primo Water into its next stage of growth. Robbert has spent the last two decades developing a unique skillset that will enable him to excel in his new role as CEO of Primo Water. He is an outstanding leader with a commitment to excellence and a proven builder and leader of high-performance teams, and I look forward to watching Robbert lead the Company in the years ahead." Mr. Fowden continued, "Robbert has a strong track record of execution, and the Board looks forward to working with him to build on our momentum as well as to help guide Primo Water's ongoing transformation into a leading pure-play water company in North America."
"I am grateful for the opportunity to lead Primo Water and its talented team of associates into the future," said Mr. Rietbroek. "As CEO, I look forward to meeting the needs of our customers and supporting our dedicated associates as we deliver on our strategic priorities, and drive both long-term growth and value creation for our shareowners." Mr. Rietbroek continued, "Water is the source of life, and I am eager to provide hydration solutions that help inspire healthier lives, healthier communities, and a healthier planet."
In connection with his appointment, Mr. Rietbroek will receive a grant of an inducement equity award on the commencement of his employment. Primo Water's Board of Directors approved a $3.5 million grant of restricted share units ("RSUs") to Mr. Rietbroek as a material inducement to his hiring as Primo Water's next CEO. 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. Each RSU will entitle Mr. Rietbroek to receive one Primo Water common share for each RSU that vests. The RSUs will vest in equal installments on each of the first two anniversaries of the grant date, subject to Mr. Rietbroek's continuous service through the applicable vesting dates. The precise number of RSUs granted will be calculated based on the prevailing market price on the first day of his employment.
