Jones Soda has named David Knight as its new president and CEO, effective June 23, replacing outgoing executive Mark Murray.
Knight comes to the Seattle-based craft soda brand from CBD company CFH Ltd., where he has served as chief beverage officer since 2021. He has also acted as co-founder and CEO of SX Latin Liquors since 2007. Prior to SX, he served as VP of internal communications for eBay and was VP of marketing at Gatorade International from 2000 to 2004.
“David brings to us over 37 years of global marketing, sales and corporate communications experience with some of the world’s premier food and beverage companies,” said Jones chairman Paul Norman in a press release. “The Board feels that his successful track record of growing and managing dynamic and youthful brands makes David the perfect person to lead Jones as the Company works to continue to build on the significant progress Mark Murray has made as our CEO over the past few years.”
Murray joined Jones as an independent consultant in May 2020 during a period of sustained declines and organizational dysfunction, developing a three-year strategic plan that emphasized a return to basic business fundamentals and an embrace of the brand’s strengths, such as its unique flavors and indulgent use occasions. He was named as the public company’s permanent president and CEO in December that year.
As CEO, Murray helped to turnaround Jones’ sales, ending an 18-month streak of declines and he continued to oversee positive revenue performance through most of his tenure. Murray also helped lead the company’s expansion into the cannabis beverage sector with the launch of Mary Jones THC-infused soda last year.
With new challenger brands casting their products as better-for-you, Murray pushed the company to embrace its roots as an innovative and quirky craft soda brand, spearheading the return of Jones’ infamous Turkey & Gravy Soda seasonal in 2021 and more palatable flavors such as Key Lime Pi.
In its full year 2022 earnings report, Jones reported revenue up 29% year-over-year to $19.1 million, which it attributed to growth in its retail and alternative channels business. However, even as revenue increased, the company faced a net loss of $6.4 million and lower earnings per share due to expenses related to the launch of the Mary Jones brand. The cannabis products, which launched in California last year, generated approximately $353,000 in revenue. The line is expected to expand to Washington, Michigan and Nevada this year.
During an earnings call in March, Murray said the company was ahead of schedule on its three-year strategic plan and highlighted Jones’ performance since 2020, including annual net revenue growth of 80%, a 650 basis point increase on gross margin and doubling the brand’s direct-to-consumer ecommerce business.
In its Q1 2023 earnings report last month, Jones reported sales down to $3.9 million, compared to $4.5 million in 2022, which the company said reflected inflated sales last year due to a one-time stocking event from one of its largest retail customers. Net losses improved to $1.4 million, compared to $1.7 million in Q1 2022.
“On behalf of the full Board, I would like to thank Mark for his tireless service to Jones as President and CEO,” Norman said in the release. “He has been an integral part of Jones’ significant revenue growth over the last few years and the successful execution of the Company’s three-year strategic turnaround plan…. We feel that his dedication and leadership have well positioned Jones for continued growth moving forward and look forward to his continued contribution to the Company as a member of the Board.”
But Knight isn’t the only new face joining Jones. Last month, the company named Kellogg Company SVP & CFO Ronald Dissinger to its board of directors. In a release, Norman cited Dissinger’s experience in M&A and knowledge of business operations as assets to the company.