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Investor calls for changes in leadership at Primo Water

Shareholders are requesting the Winston-Salem based company make changes.
Credit: Triad Business Journal

WINSTON-SALEM, N.C. — Legion Partners Holdings LLC, which owns 9.1 percent of the outstanding shares of Winston-Salem-based Primo Water Corp. (Nasdaq: PRMW), is asking for changes to the company's board of directors.

In letter to shareholders, Legion cites poor results and under-performance of the company’s stock over the past few years.

“We believe the company’s poor operational and strategic execution is a direct result of lax oversight from a board that has become stale — lacking independence, objectivity, and critical experience,” Legion said in the letter.

Legion calls for the removal of Billy Prim as executive chairman, who has served in that role since 2010, and the appointment of an independent chairman. 

For a look at Primo Water's history and Prim's role, click here to visit the Triad Business Journal story. 

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