Hint, Inc. CEO Kara Goldin and COO Theo Goldin have been removed from their c-suite roles at the flavored water brand, according to sources close to the company.
Hint’s board of directors made the decision this week to reassign the Goldins, who founded the brand in 2005, to unspecified new roles at the company, while SVP of beverage Blair Owens will step into the CEO role on an interim basis. It is currently unclear who will lead operations.
The shakeup, first reported yesterday in Beverage Business Insights (BBI), comes as Hint is rumored to be eyeing exit and liquidity opportunities, including a potential IPO. According to BBI, employees at the company were informed of the move this week.
Sources with knowledge of the company told BevNET that the leadership changes are taking place as Hint aims to start a new chapter of growth and the shift reflects a strategic approach to succession planning.
Owens joined Hint in 2017. He had previously served as VP of marketing for Monster Energy Company (formerly Hansen’s) from 2009 to 2015, and later held the title at the Hansen’s Craft Beverage division of The Coca-Cola Company following a strategic partnership deal between Coke and Monster. In 2010, Owens led the creation of the Hubert’s Lemonade brand.
The Goldins and Owens did not return requests for comment from BevNET.
Based in San Francisco, Hint was founded in 2005 with the aim to provide consumers with a healthy but still flavorful beverage option. The brand launched with its core line of zero calorie flavored still waters and has since expanded its offerings to include sparkling water, energy waters and kids drinks. In 2017, the brand expanded into body care products with the launch of its sunscreen line and has since added hand sanitizer and deodorant. The products are sold online and in more than 30,000 retail stores nationwide.
As CEO, Kara Goldin worked to scale Hint into a national brand, consistently growing retail sales double-digits year-over-year. Last year, the company closed a $25 million Series D funding round led by Springboard Growth Capital, bringing the brand’s total lifetime financing to over $50 million. At the time, Goldin told BevNET that the company was profitable and that the round was primarily intended to support long-term growth.
According to NielsenIQ, Hint reported retail dollar sales of $124.8 million, up 33.7%, in the 52-week period ending November 6. Volume sales were up 40.6% in the same period. On a two-year stack basis, the brand has grown dollar sales in the tracked channels by 79.2% in the period. However, the data does not reflect ecommerce sales, a channel where Hint served as a trailblazer for the RTD beverage industry and which still comprises a significant portion of the brand’s total revenue. Hint has also had a prominent food service presence.
Beyond the company’s performance, Kara Goldin is a decorated industry leader who positioned herself as both the face of the Hint brand and a strong voice for entrepreneurial spirit. Last year, she published her first book, Undaunted: Overcoming Doubts + Doubters, an autobiography and business narrative telling the story of Hint’s founding and her entrepreneurial journey.
Yesterday, albeit without making any contextual statements, Goldin made reference to another well-known entrepreneur who was removed from the leadership of the company he founded, with the following tweet:
“I feel like I’m channeling Steve Jobs this week.”