Primo Water Corporation announced as part of its established leadership succession plan, Billy D. Prim, the company's Founder, Chairman and Chief Executive Officer, will transition to Executive Chairman of the Board effective May 31, 2017. At that time Matt Sheehan, President, Chief Operating Officer and a five-year member of the Primo Water executive team, will succeed Mr. Prim as Chief Executive Officer and assume the role of President and Chief Executive Officer. In his new role, Mr. Prim will focus on leading the Board of Directors, giving advice and counsel to Mr. Sheehan and the leadership team on strategy, partnership alliances, and leadership training, as well as continuing to build relationships within the industry.

As President and Chief Operating Officer since December 2012, Mr. Sheehan has led Primo Water's business segments in North America, including the development and execution of strategic initiatives, as well as the core support functions of the company's sales, marketing, supply chain and strategy efforts. Mr. Sheehan has extensive experience in developing high-growth services to retailers through best-in-class operational capabilities. He has been a Primo Water board member since October of 2016, and will continue to serve as a member of the company's Board of Directors.

Mr. Sheehan's financial, managerial and leadership expertise and experience over the last 20 years includes six years with Redbox/Coinstar Inc., where he served as Strategic Venture Advisor of Coinstar's Redbox business from June 2011 to December 2011, as Vice President, General Manager of the first automated retail venture at Redbox from 2008 until 2011, as Vice President, Sales and Business Development from 2006 to 2008 and Director of Business Development from 2005 to 2006.