Legion Partners Holdings LLC, which owns 9.1% of Primo Water Corporation outstanding shares, released a public letter to shareholders asking for changes to the company’s board of directors.

Legion cites poor results and under-performance of the company’s stock over the past few years for the requested changes.

“We believe the company’s poor operational and strategic execution is a direct result of lax oversight from a board that has become stale — lacking independence, objectivity, and critical experience,” Legion said in the letter.

Legion calls for the removal of Billy Prim from the executive chairman role and the appointment of an independent chairman.

Prim has been chairman since 2010 and the letter also criticized his compensation. Since 2010, Prim and Primo CEO Matt Sheehan have been paid over $38 million, according to the letter.

The letter also looks to replace Malcolm McQuilkin, Richard Brenner and David Warnock from the board. Legion says the members have “alarming conflicts of interest” and have served on the board for too long.

Legion Partners is a California-based asset management firm. Primo Water, headquartered in Winston-Salem, is a provider of multi-gallon purified bottled water, self-service refill water and water dispensers.

Shares of Primo were $12.90 Tuesday morning, up 8 cents