A New CEO in Jones Soda Company

A New CEO in Jones Soda Company. Jones Soda Co. said Wednesday it has named beverage industry veteran William R. Meissner as its new president and CEO, replacing Joth Ricci who has left the company to pursue other opportunities.

The transition comes as the soda company known for quirky flavors is losing money and after a deal to sell the company fell through.

Meissner was most recently president of the privately held Talking Rain Beverage. Before that, he was the chief marketing officer for Fuze Beverages, a division of Coca Cola North America. He joins Jones Soda effective Friday.

Late last month, Jones said announced that it lost $4.5 million, or 17 cents per share, for the three-month period that ended Dec. 31. That’s steeper than the loss of $3.4 million, or 13 cents a share, thecompany reported for the period a year earlier.

Its revenue fell 30 percent to $4.3 million from $6.1 million. Sales at the company, which makes high-end sodas with sugar cane, have slumped during the recession as consumers seek cheaper drink options.

The company signed a letter of intent earlier this spring with premium soda maker Reed’s Inc., which was to buy Jones Soda for about $9.8 million in cash and stock. But Jones later said it dropped out of that deal to explore other options, and it said againlast month that the search continues.

On Wednesday, executives made no mention of a buyout. But in a statement, Meissner said the drink maker was prepared for a “future of growth and profitability.”

Source: http://www.gossone.com/breaking-news/jones-soda-names-new-president-ceo-photo

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