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Thursday, June 28, 2012 - Page updated at 05:00 p.m.
CEO, chairman resign at struggling Jones Soda
By Melissa Allison
Seattle Times business reporter
Troubled Jones Soda has lost another CEO, and its chairman is leaving, too.
CEO William Meissner, who is resigning effective at the end of the week, will be replaced by Jennifer Cue — the company's fifth CEO in five years.
Chairman Richard Eiswirth, Jr., resigned on Tuesday after six years on the board "due to disagreement with the board of directors regarding the strategic direction of the company and changes in personnel," according to a securities filing.
The board said in the filing it believes Eiswirth disagreed with cost-cutting measures, which include eliminating the position of chief financial officer.
The Seattle-based soda pop marketer for years has been cash-strapped to the point of issuing warnings about its viability.
New CEO Cue has a long history with Jones and served as its chief financial officer and secretary from 1997 to 2005. She currently sits on Jones' board.
Jones did not explain why Meissner, who was CEO for two years, is leaving.
"Mr. Meissner's resignation was not based on any disagreement with the company on any matter relating to the company's operations, policies or practices," the filing said.
Jones' current chief financial officer, James Stapleton, will remain during a transition period as Carrie Traner, its vice president of finance, assumes his duties.
Melissa Allison: 206-464-3312 or firstname.lastname@example.org. On Twitter @AllisonSeattle.
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