Three of Jones Soda's seven directors will not stand for re-election to the board this year, the company said in a securities filing today...
Three of Jones Soda’s seven directors will not stand for re-election to the board this year, the company said in a securities filing today.
On Friday, Jones will file a proxy statement naming three people who will become new directors if shareholders elect them to the board at Jones’ annual meeting in June, said Chief Financial Officer Hassan Natha.
The departing directors are Scott Bedbury, John Gallagher Jr. and Alfred Rossow Jr. Their decisions are not the result of a disagreement with Jones and are not related to its operations, policies or practices, according to the filing.
Bedbury, who has been on Jones’ board since 2003, became interim chairman after Jones founder Peter van Stolk stepped down as chairman and chief executive in December. Van Stolk still sits on the board.
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Gallagher also sat on Jones’ board since 2003. Rossow has been a director since 2004.
The remaining directors are van Stolk, interim chief executive Stephen Jones, Michael Fleming and Richard Eiswirth Jr.
Jones will share information about its CEO search at the annual meeting, Natha said.
Jones directors and executives became the targets of shareholder lawsuits last year claiming they pushed up the company’s share price, then sold stock before poor earnings reports caused the price to plunge. The claims have been merged into a single lawsuit, Natha said, and the company denies the claims.
Melissa Allison: 206-464-3312 or firstname.lastname@example.org