Primo Water Corp. CEO to step down at end of year

Primo Water Corp. (NYSE: PRMW) CEO Tom Harrington has announced his retirement, effective Dec. 31, from the Tampa-based provider of bottled water and hydration stations in North America and Europe.

According to a news release, the company’s board has hired an executive search firm to find and evaluate candidates to succeed Harrington, whose retirement comes after a long and public dispute with Los Angeles-based Legion Partners Asset Management LLC, an investment firm that owns about 1.5% of Primo’s outstanding shares but has been highly critical of the company’s performance.

Via brands such as AquaTerra, PureFlo and Mountain Valley Spring Water, Primo sells more than 1 billion gallons of water every year. It reported gross revenue of $2.07 billion in 2022, up from $1.95 billion in 2021 — an increase of more than 6%, though it posted a loss of $3.2 million.