On September 17, 2019, Legion Partners Holdings, LLC released a press release and public letter to stockholders of Primo Water Corporation highlighting the need for change. In the press release/letter, Legion Partners stated that it details the operational and financial underperformance of the Company under Executive Chairman Billy Prim, expresses concern with the conflicts of interest among long-tenured directors who have ties to Blue Rhino, a Company founded by Executive Chairman Billy Prim, believes excess pay packages to executive management demonstrates the Board’s lack of sufficient independence, contends that the Company is an incredible business but is being held back by a lack of accountability and critical expertise on the Board, and argues that in order to improve the Company’s low valuation and deliver on promised growth, the Executive Chairman role should be eliminated, new, independent directors should replace long-tenured directors and the Company should instill a best-in-class governance structure, including to de-stagger the Board.