Primo Water CEO Matthew Sheehan Compensation Increases 26 Percent

3/30/18

By Ana Irizarry, NCBIZNews

Primo Water Corp. CEO Matthew Sheehan saw a 26 percent increase in total compensation in the company’s 2017 fiscal year after being appointed to chief executive in May, according to a filing with the Securities and Exchange Commission.

Sheehan’s total compensation for the fiscal year was about $1.45 million, up from about $1.15 million in 2016. His base salary increased about $100,000 to $430,000. His stock awards increased almost 600 percent to $805,000.

Sheehan was the company’s chief operating officer from 2010 to 2017. He has been the company’s president since 2013.

Former CEO and current Executive Chairman Billy Prim’s total compensation increased almost 64 percent to $1.44 million in 2017 from $878,000 in 2016.

Prim’s base salary decreased 1.6 percent to about $433,000 in 2017, but his stock awards increased about 470 percent to $800,000.

Former Chief Financial Officer Mark Castaneda’s total compensation increased 60 percent to $800,000 in 2017. In November, Primo Water announced Castaneda would retire at the end of the fiscal year, according to a filing with the SEC.

Castaneda served as the company’s CFO since March 2008. David Mills took over the position in January.

The company lost $6.4 million, or 19 cents per share, in 2017, according to a filing with the SEC. The company’s total net sales doubled to $286.1 million in 2017 from $142.5 million in the previous year. Its fourth quarter earnings were at $3 million, or 9 cents per share.

In October 2016, Primo Water announced it would acquire Glacier Water Services Inc. for $263 million.

Primo Water stock closed at $11.71 per share on Thursday, up 10 cents.

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