US: Jones Soda CEO and chairman quit
Jones Soda Co has a new CEO and chairman
Jones Soda Co has announced that both its CEO and board chairman have quit the company.
Current CEO, William Meissner, will be replaced in the position by the soft drink firm's former CFO and COO, Jennifer Cue, effective from this Saturday (30 June). Richard Eiswirth has been replaced as chairman by board member Mick Fleming as of yesterday (27 June).
In a regulatory filing, Jones Soda said Eiswirth's resignation was "due to disagreement with the board of directors regarding the strategic direction of the company and changes in personnel".
The filing added: "The board of directors believes that Mr. Eiswirth's primary disagreement involves the strategic balance of cash flow versus growth."
Meisnner's departure was "not based on any disagreement with the company on any matter relating to the company's operations, policies or practices", the filing said.
The Seattle-based soft drinks firm also announced it is removing the position of CFO.
New chairman Fleming said: “Our objective is to align the company's cost structure with its operating resources and position the company for profitable revenue generation."
He added that new CEO Cue has "the skills and passion to return the company to a financially sustainable positive cash flow position, and to build upon that".
Cue said: “I am excited for the opportunity to rekindle the Jones consumer fan base while exploring innovative ways to leverage the Jones brand in the US and international markets."
Last month, the company announced that its Q1 net losses held steady at US$1.7m.
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