In the first meeting of the newly elected Board, by unanimous votes, Mr. John Bello was elected Chairman of the Board, Stefan Freeman was elected to be Chairman of the Compensation committee and Charles Cargile was elected to be Chairman the Audit committee.
The company, which includes Reed’s Ginger Brew, Virgil’s Soda in its brand portfolio, has been mired in controversy over the composition of its Board since August, when a group of activist investors, calling themselves The Committee to Rescue Reed's, formed to pressure CEO Chris Reed into accepting changes to the board's personnel.
This week the conflict took a more personal turn, with the dissident stockholders’ committee leader, Edwin Lozano, and Reed each questioning the other’s professional backgrounds, and a former board member who had tried to mediate the dispute joining Lozano’s faction.
Mr. Jaffe is considered an “independent” director and will serve on the board until the 2016 annual meeting where he will be a candidate on the slate of directors being presented by the Company to all shareholders.
Speaking with BevNET after the earnings call, Reed said that four independent board members with expertise in marketing, supply chain, governance and finance, respectively, would be announced in about a week and a half.
COCO5 today announced new distribution of its all-natural flavored coconut water beverages in 415 Target stores across the U.S. Meanwhile, premium soda and kombucha maker Reed’s, Inc. announced that its Reed’s Ginger Brew products are now available in 1,335 Target stores throughout the country.
Famous for building SoBe and selling it to Pepsi for close to $400M, Bello is one of two or three potential strategic additions to the board that Reed is hoping will help him hold off a new slate of directors: activist investors met with the ginger brew and root beer maker on Monday, he said, discussing their own slate of board members.
A longtime veteran of the food and beverage industry, Sarah Bird takes the reins from Bhakti founder Brook Eddy, who now serves as chairwoman of the company’s board of directors. Eddy remains “involved in the vision, innovation and culture” of Bhakti, according to the company.
With over 75 years of experience, DP has developed relationships with the world’s premier brands including Coca-Cola, Campbell’s, Dr. Pepper Snapple Group and P&G, providing direct-to-store distribution throughout Puerto Rico, the Caribbean, Central and South America.