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Reed's Soda CEO's Lavish Exit Payout
Description
Reeds Inc., the Norwalk soda maker, has parted ways with CEO Cyril Wallace Junior, who lasted less than a year. The company offered a substantial severance package, including a months salary, health coverage, waived repayment of sign-on and relocation cash, old equity grants, and a fully vested restricted stock award. The move comes as Reeds faces declining sales and increased losses, with COO Neal Cohane stepping in as interim CEO. The exit payout signals Reeds commitment to moving forward and finding new leadership to revitalize the brand.
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