Reed's CEO Leaves, COO Neal Cohane Named Interim Chief as Sales Fall 10%
Reed's CEO Cyril Wallace exited after less than a year, with COO Neal Cohane named interim CEO as the board begins a search for a permanent replacement. Full-year net sales dropped over 10% to $34.1m with a $14.6m EBITDA loss and net loss widened to $15.8m.
1. CEO Departure and Interim Appointment
Reed's board announced that Cyril Wallace has stepped down as CEO after under a year in the role, appointing COO Neal Cohane as interim CEO while initiating a search for a permanent successor.
2. 2025 Financial Results
Reed's reported full-year net sales of $34.1m, down over 10% year-on-year, an EBITDA loss of $14.6m versus a $7.3m loss, a gross profit decline to $7m from $11.4m, and a net loss widening from $13.2m to $15.8m.
3. Quarterly Performance Details
In Q4 2025, net sales fell 22% to $7.5m, EBITDA loss increased to $3.6m from $3.1m, while net loss narrowed slightly to $3.8m from $4.1m in the prior-year quarter, reflecting ongoing margin pressures.
4. Leadership Transition and Marketing Changes
Neal Cohane, who rejoined as COO in January after over 15 years at Reed's and senior roles at Eastroc Beverage, PepsiCo, SoBe and Coca-Cola, will lead until a new CEO is hired; CMO Tina Reejsinghani has departed, with board member Rudolf Bakker stepping in as fractional CMO.