Primo Brands appoints Eric Foss as new CEO and Chairman
Former PepsiCo and Aramark executive Eric Foss takes over as CEO and chairman of Primo Brands amid revised growth outlook.
USA – Primo Brands has announced the appointment of Eric Foss as its new chairman and chief executive officer, succeeding Robbert Rietbroek, who had led the company since 2023.
The company did not disclose the reason for the leadership change but stated that Foss is “ideally qualified to lead Primo Brands through its next phase of growth and shareholder value creation.”
Director Dean Metropoulos said Foss brings extensive experience to the role, having served on the boards of both Primo Brands and Primo Water. “With his background as chairman and CEO of global beverage and direct-store-distribution companies, Eric is highly qualified to guide Primo Brands’ future growth,” Metropoulos said.
Foss previously served as CEO of foodservice company Aramark from 2012 to 2019 and earlier as CEO of Pepsi Beverages Company and chairman and chief executive of Pepsi Bottling Group.
Commenting on his appointment, Foss said the company is “well-positioned in the large, attractive, and growing healthy hydration market,” highlighting its strong brand portfolio and operational capabilities.
He added that Primo Brands continues to unlock synergies from last year’s merger between Primo Water and BlueTriton, which was overseen by Rietbroek.
The leadership announcement coincided with the release of Primo Brands’ third-quarter financial results, which showed mixed performance.
Net sales rose 35% year-on-year to US$1.76 billion, supported by higher volumes following the merger. However, comparable net sales decreased 1.6%. Operating income dropped 7% to US$146.4 million, while net income declined 68.4% to US$16.8 million, impacted by discontinued operations.
Net income from continuing operations stood at US$40.5 million, compared to US$53.3 million a year earlier. Despite the profit decline, the company reported an improvement in its comparable adjusted EBITDA margin, which rose to 22.9%, up 180 basis points from the prior year.
Chief Financial Officer David Hass noted strong momentum in retail net sales and volume growth, particularly across premium water brands such as Saratoga and The Mountain Valley.
He added that the exchange and refill business segments also delivered higher sales and distribution expansion.
However, Primo Brands revised its annual guidance, now expecting net sales to decline at a “low-single-digit” rate for the year. Adjusted EBITDA is forecast to range between US$1.44 billion and US$1.46 billion, down from the earlier projection of US$1.49 billion to US$1.52 billion.
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