Purple Beverage Co has announced that founder and current CEO and Chairman Ted Farnsworth is to be replaced by Geoffrey Winters.

Purple said yesterday (5 May) that Farnsworth has agreed to hand the helm to Winters, who, the group hopes, can use his experience of financial markets to steer it through recession in the US

"Winters brings to the company a diverse Wall Street background that gives him the ability to navigate Purple through the waters ahead. Additionally, he brings a strong investment banking background to the Company as well as CEO experience, having run private companies," said Purple, which owns its namesake brand, an antioxidant-rich juice drink.

Farnsworth, who remains a shareholder in the company, said: "After going through a very difficult time over the last several months, we are now re-energised. This is a positive move for the company, the brand, and the shareholders."

Winters has previously been managing director of Lehman Brothers Brokerage & Investment Banking in New York, where he structured more than $2bn in private and public offerings, said Purple, which launched in late 2007.