TORONTO, ONTARIO--(March 15, 2007) –
Attention Business Editors:
Cott Corporation (TSX:BCB)(NYSE:COT), the world's largest retailer brand soft drink provider, announced today the appointment of David T. Gibbons to its Board of Directors.
Mr. Gibbons is an international business executive with both Board level and CEO experience. He is currently the Chairman of the Perrigo Company, a publicly traded manufacturer of retailer brand over-the-counter pharmaceutical and nutritional products. Over the past seven years, he has held the positions of President, Chief Executive Officer and Executive Chairman of that company.
Prior to joining Perrigo, Mr. Gibbons held positions as President of Europe and President of Home Products for Rubbermaid Inc. He also spent nearly 30 years with the 3M Company, rising to the position of General Manager before transitioning to Rubbermaid.
"I'm honored to be joining Cott's Board of Directors at a time when the Company is undergoing significant change, both in its core business and through expansion to new products, channels and markets," commented Gibbons. "My fellow Board members each have impressive backgrounds and I look forward to working with them and the management team to reposition the Company for profitable growth."
"The appointment of Dave to our Board further expands the depth and breadth of experience that we have added with new Board appointments in the past year," said Frank Weise, Chairman of Cott's Board of Directors. "It's hard to find someone with David's combination of experience in a retailer brand environment, in leading turnarounds and in managing international businesses. We're very pleased that he will be bringing that experience to Cott's Board."
"I look forward to benefiting from Dave's broad experience and insight as we continue to implement our strategy of reducing costs, strengthening our customer relationships and driving innovation," added Brent Willis, Chief Executive Officer of Cott.
In addition, Cott announced that two of the Company's current Board members will not stand for re-election at the Company's annual meeting in April.
Colin Adair was one of Cott's first Board members when the Company went public in 1986. He made important contributions to Cott' explosive growth under the founder Gerry Pencer and has served on the Board for 21 years.
John Bennett joined the Board in 1998 and provided valuable counsel and support to the management team during a period of restructuring, change in controlling shareowner, and the divestiture of several non-core businesses. His financial knowledge and expertise have been great assets to the Board's Audit Committee for many years. Both members are stepping down to devote more time to their professional commitments.
"I want to thank Colin and John for their commitment and significant contributions to the Board and to Cott," commented Weise. "They have been valuable colleagues and have helped guide the Company through many periods of challenge and growth. They will certainly be missed by their fellow Board members."
About Cott Corporation
Cott Corporation is one of the world's largest non-alcoholic beverage companies and the world's largest retailer brand soft drink provider. The Company commercializes its business in over 60 countries worldwide, with its principal markets being the United States, Canada, the United Kingdom and Mexico. Cott markets or supplies over 200 retailer and licensed brands, and Company-owned brands including Cott, RC, Vintage, Vess and So Clear. Its products include carbonated soft drinks, sparkling and flavored waters, energy drinks, sports drinks, juices, juice drinks and smoothies, ready-to-drink teas, and other non-carbonated beverages. The Company's website is www.cott.com. The brand names referenced in this press release are trademarks of Cott Corporation, its affiliated companies, our customers, or other third parties.
Safe Harbor Statements
This press release contains forward-looking statements reflecting management's current expectations regarding future results of operations, economic performance, financial condition and achievements of the Company. The forward-looking statements are based on the assumption that volume and revenue will be consistent with historical trends, that margins will improve through a balance of revenue realization and cost containment, and that interest rates will remain constant and debt levels will decline. Management believes these assumptions to be reasonable but there is no assurance that they will prove to be accurate. Forward-looking statements, specifically those concerning future performance such as those relating to the success of the Company's measures to increase volume and revenue, reduce costs and increase operating income, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Company's filings with the appropriate securities commissions, and include, without limitation, stability of procurement costs for raw and packaging materials, the Company's ability to restore plant efficiencies and reduce logistics and other costs, adverse weather conditions, competitive activities by other branded beverage manufacturers, the Company's ability to develop new products that appeal to consumer tastes, the Company's ability to identify acquisition candidates, successfully consummate acquisitions and integrate acquired businesses into its operations, fluctuations in currency versus the U.S. dollar, the uncertainties of litigation and regulatory review, loss of key customers and retailers' continued commitment to their Company-supplied beverage programs. The foregoing list of factors is not exhaustive. The Company undertakes no obligation to publicly update or revise any forward-looking statements.