After nearly a year with the Connecticut-based craft soda brand, Cyril Wallace has resigned as CEO of Reed’s, Inc. and stepped from the board of directors. COO Neal Cohane has been named as interim CEO as the board begins seeking a permanent replacement.
Craft soda maker Reed’s reported another down quarterly earnings report as sales, margin and profit fell sharply amid lower inventory write-offs and volume declines.
In its first earnings since new CEO Cyril Wallace joined the company last month – following a two decade career at PepsiCo – Reed’s projected confidence moving forward as net sales grew 4.5% to $10 million in the quarter and supply hurdles appear to have stabilized.
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.
