NEW YORK, March 6 (Reuters) - Activist investor Legion Partners Asset Management is pushing for four new directors to join Primo Water Corp's (PRMW.N) board, arguing they could help the water company's share price triple over five years.
Legion nominated experts in water delivery, beverage operations, marketing and capital allocation as director candidates for election to the U.S.-Canadian company's 10-person board to help reverse "chronic underperformance," according to a letter seen by Reuters.
"Substantial shareholder-driven change in the boardroom is long overdue and necessary at the 2023 Annual Meeting in order for Primo to achieve its full potential," Legion's managing directors, Chris Kiper and Ted White, wrote to fellow Primo Water shareholders.
Legion, which helped place directors onto boards at Bed Bath & Beyond and Kohl's, said it owns a 1.5% stake in Primo Water and has been an investor in the past.
Primo Water offers home and office water delivery, water exchange, where customers return their empty water jugs and buy new ones at retailers, and water refill, its most affordable offering, where customers refill jugs themselves.