Reed’s Inc. appoints new CEO and board member

NORWALK, Conn. - Reed’s Inc. (OTCQX: REED), a leading producer of natural ginger beverages with a market capitalization of $70.33 million and an impressive year-to-date return of 147.94%, announced significant changes to its executive leadership and Board of Directors. According to InvestingPro data, the company currently maintains a revenue base of $37.95 million despite recent challenges. Cyril Wallace has been named the new Chief Executive Officer (CEO) and Director, succeeding Norman E. Snyder, Jr., who is retiring. Additionally, seasoned beverage executive Ruud Bakker has been appointed to the company’s Board.

Wallace, with over two decades of leadership experience at PepsiCo, most recently managed a $3.2 billion territory as Vice President and General Manager. His tenure at PepsiCo was marked by strong performance in revenue and margins, as well as the implementation of growth strategies and team-building initiatives. Wallace’s academic credentials include an MBA in Project Management from Keller Graduate School of Management at DeVry University and a BA in Marketing from Georgia State University.

Ruud Bakker brings to the Board over 25 years of global experience in the beverage industry, with senior roles at Red Bull, Diageo, and Heineken. He is also the founder of Purple Fox Studios, a beverage innovation incubator. His educational background includes an MBA from Erasmus University and executive programs at Harvard Business School, London Business School, and Kellogg Executive Education.

Shufen Deng, Chairperson of the Board, expressed gratitude to Norman E. Snyder, Jr. for his contributions, particularly during the challenging period of the COVID-19 pandemic. Under Snyder’s guidance, Reed’s restructured operations, optimized costs, and laid a foundation for future growth.

Deng anticipates that Wallace’s strategic vision and operational expertise will be pivotal for Reed’s as the company aims to expand distribution, introduce new products, and improve profitability. With InvestingPro analysis indicating a current gross margin of 29.97% and a challenging financial health score, the company’s new leadership faces significant opportunities for operational enhancement. Deng also noted that Bakker’s extensive international experience would be a valuable addition to the Board.

Reed’s Inc., established in 1989, has become a leader in craft beverages with its Reed’s®, Virgil’s®, and Flying Cauldron® brands. The company’s products are distributed in over 32,000 stores nationwide and are known for their natural ingredients and bold flavors.

This announcement is based on a press release statement from Reed’s Inc. and does not include any forward-looking statements. The information herein reflects the current state of the company and its leadership as of today.

In other recent news, Reed’s Inc reported its fourth-quarter 2024 financial results, demonstrating a notable improvement in gross margins, which rose to 30% from 4% the previous year. Despite a decline in net sales to $9.7 million from $11.7 million, the company increased its gross profit to $2.9 million from $500,000. Reed’s also reduced its operating loss to $3.7 million, down from $5 million, and strengthened its cash position to $10.4 million while decreasing total debt from $27.4 million to $9.6 million. The company plans to launch a new multifunctional soda line in April 2025 and has expanded its distribution to 8,000 points across national retailers. Reed’s anticipates a return to growth in 2025, focusing on enhancing top-line growth and margins. The company has also appointed Douglas McCurdy as Chief Financial Officer and Salvator Vassallo as Vice President of Operations. These developments reflect Reed’s strategic initiatives to strengthen its financial and operational foundation.

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