Reed’s has appointed former PepsiCo exec Cyril Wallace as its new CEO, replacing outgoing leader Norman E. Snyder, who is stepping away from the role after five years with the craft soda producer.
Wallace comes to Reed’s from the soda and snack conglomerate where he spent over 21 years, most recently as VP and General Manager for PepsiCo Beverage North America. According to Reed’s, Wallace is credited with playing a “key role” in PepsiCo’s diversity and talent development projects and “has consistently delivered strong revenue and margin performance, spearheaded innovative growth strategies and built high-performing teams.”
“We are thrilled to welcome Cyril as our new CEO and Director,” said Reed’s chairperson Shufen Deng in a press release. “His strategic vision and operational expertise will be instrumental as we expand distribution, launch new products and drive profitability.”
The appointment comes as Snyder, who joined Reed’s as CEO in 2020, said he is retiring.
During his tenure, Snyder worked to turn around slumping sales and correct myriad supply chain woes for Reed’s, and the company has often experienced back-and-forth progress on its growth initiatives.
In its Q4 and full year 2024 earnings report last month, Reed’s reported a net sales decline for the year to $37.9 million (down from $44.7 million in 2023), but saw gross profit grow 18% to $11.4 million (up from $9.7 million the year before). The business also made progress in slashing losses, dropping to $7.4 million, versus $9.4 million the prior year.
Reed’s also secured a $10 million private placement in Q4 and completed a convertible debt restructuring in Q3 2024.
“I am incredibly proud of what we’ve accomplished at Reed’s,” Snyder said in a release. “We have built a resilient business, introduced exciting innovations, and improved operations across key functional areas of the Company. I leave knowing that Reed’s is in good hands and look forward to spending more time with my family and cheering on the Company as a shareholder.”
“We extend our deepest gratitude to Norm for his leadership over the past five years,” Deng said in the release. “He helped stabilize and revitalize the Company amid unprecedented industry and macroeconomic headwinds during and after the COVID-19 pandemic. Under his guidance, the Company restructured its operations, optimized costs, and built a stronger foundation for future growth. His expertise, dedication and tireless work will have a lasting impact on our organization.”
Alongside Wallace, Reed’s is also appointing Ruud Bakker, the founder of incubator Purple Fox Studios and the global VP of marketing and innovation for Diageo’s Smirnoff vodka brand, as a board member.
Reed’s executive move follows closely on the tails of last year’s appointment of Douglas McCurdy as CFO.
Going forward, Reed’s previously announced a planned expansion into over 8,000 new points of distribution in retailers across the country for this year. As well, the brand entered the functional, better-for-you soda segment this month with the launch of an Adaptogenic Soda line available in four flavors containing 5 grams of sugar and 2000mg of ginger in each 12 oz. can.