Pair of former PepsiCo executives joins water company board

The move follows a lawsuit settlement.

By Mark Gordon
| 10:00 a.m. May 4, 2023
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Tampa Bay-Lakeland

A few weeks after settling a lawsuit over a board of directors dispute, Tampa-based Primo Water Corp. and one of the bottled water products and services company’s investors, Legion Partners Holdings, have reached another agreement.

In this one, Primo will appoint a pair of new independent directors nominated by Legion: Derek Lewis and Lori Tauber Marcus. Both former executives for PepsiCo, Lewis and Marcus, according to a statement, joined the Primo board May 3 and were nominated for election to a term on the board at the company’s special meeting of shareowners, scheduled for May 31. In addition, Primo has agreed to adopt certain corporate governance enhancements, “including changes to its advance notice bylaw provisions,” the release states.

New board members

The pair of new executives on the Primo Water Corp. board of directors includes:

Lori Marcus: founder of Courtyard Connections LLC, an advisory firm focused on marketing and leadership in consumer goods, retail, food service, and consumer technology. Past career stints include 24 years with PepsiCo in marketing and general management positions; chief marketing officer for global fitness platform Peloton Interactive prior to its IPO; executive vice president and chief global brand and product officer at Keurig Green Mountain; and chief marketing officer at The Children's Place. Has served on the board of Fresh Del Monte Produce Inc. and 24-Hour Fitness.
Derek Lewis: Spent more than 30 years with PepsiCo, including most recently as president, multicultural business and equity development at PepsiCo North America. Previously served on the board of the American Beverage Association.