SEATTLE -- Jones Soda Co. said that Peter van Stolk will step down from his position as chairman of the board and CEO at the end of the year. He will remain as a member of the board. Board members Scott Bedbury and Steve Jones will take on the interim positions of chairman and CEO, respectively, while the company conducts a search for a new CEO.
"As I stated earlier this year, I planned to step down at the end of 2007," said van Stolk. "I've worked hard this past year to lay the foundation for future growth with an increased product line and national [image-nocss] distribution at the retail level. Recruiting a strong and seasoned CEO is the next step in that process, and utilizing the experience of Scott and Steve in that effort will help ensure a successful outcome. During the up coming weeks, I will be focused on the transition and look forward to working with the board to continue to grow the company to bring it to its full potential."
Analyst Mark Swartzberg of Stifel, Nicolaus & Co. Inc., Baltimore, said in a research note, "We are unsurprised by the announcement given the negative revisions to estimates throughout 2007, resulting mainly from the disappointing national launch of Jones Pure Cane Soda in cans. We believe the appointment of Jones as CEO is a stopgap and leaves a leadership void at a key time as the company works with retailers on issues including product placement, promotional calendars and SKU availability for 2008."
He added, "In the near-term, we believe Jones' board is likely to focus on hiring a seasoned beverage executive with management experience as its new CEO. Further, while van Stolk's departure may initially be a distraction, longer-term, we believe the company could benefit from having a chief executive with managerial experience who can effectively manage the ongoing national rollout of Jones Pure Cane Soda in cans and various other product initiatives."
Bedbury said, "Peter has established himself as one of the most successful visionaries and innovators in the beverage business. We are fortunate to have him continue as a member of the board of directors and to help us build shareholder value well into the future."
Jones spent 17 years with The Coca-Cola Co. serving most recently as the corporation's chief marketing officer and CEO of The Minute Maid Co. Previously , he had two international operating leadership assignments, first in Great Britain and then as head of Coca-Cola Japan. Jones' career includes numerous progressive brand management roles in Canada and the United States, including being brand manager of Diet Coke during the brand's early development stage. As CMO, he was instrumental in reshaping Coke's contemporary brand relevance around the globe and developing and introducing a strategy to broaden the company's portfolio that led to the launch of several new products in key markets around the world.
"Steve has been a tremendous asset to our board and brings a wealth of operating, marketing and brand management to the CEO position at a key period for the company," said Bedbury. "Moving from a niche player to a mainstream brand is a challenging time for any company. I've been a part of that process for both Nike and Starbucks, and am confident that Jones Soda will become a highly successful and profitable global brand."
Bedbury is currently CEO of Brandstream Inc., an independent brand development consultancy he founded in 1998. Shortly after joining Nike in 1987, Bedbury launched the "Just Do It" campaign, helping take what had been a narrowly positioned brand to No. 1 worldwide. Bedbury joined Starbucks in 1995 as senior vice president of marketing and brand development and oversaw the repositioning of Starbucks as a comfortable, convenient and welcome "third place" between home and work. He worked closely with CEO Howard Schultz to navigate Starbucks's growth from several hundred stores to several thousand in three years, and to open its first overseas markets. Bedbury is also the author of A New Brand World, published by Viking Press.
Seattle-based Jones Soda manufactures its products and sells them through its distribution network in select markets across North America. A leader in the premium soda category, Jones is known for its labeling technique that incorporates always-changing photos sent in from its consumers. Jones Soda is sold through traditional beverage retailers.
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