© Bang Energy
Vital Pharmaceuticals, the parent company of Bang Energy, has announced that John (‘Jack’) Owoc will no longer serve as CEO, chief science officer and chairman of the board.
Bang Energy – led by its controversial founder Owoc – has become one of the best-selling energy drinks in the US since its launch in 2012.
However, recent years have seen the brand become embroiled in multiple lawsuits, including with PepsiCo, after a mega-distribution deal turned sour, and Monster Energy Co, which alleged that Bang falsely advertised the ingredients and health benefits of its drinks.
Last September, Monster was awarded $293 million in damages from Vital Pharmaceuticals, which filed for bankruptcy protection less than two weeks later – owing hundreds of millions of dollars to unsecured creditors.
Owoc, whose outspoken personality helped to define Bang’s identity over the past ten years, will no longer lead the company nor serve as a member of the board, Vital announced on Thursday.
The company’s chief transformation officer John DiDonato has been named as interim CEO and CTO, while EVP of sales Eugene Bukovi has been promoted to the position of chief operating officer.
“On behalf of the board of directors, we acknowledge Jack’s vision in founding this leading brand and creating a world-class product in the energy drink category,” said Steve Panagos, chairman of the board.
“As the company continues to pursue value maximisation, we are grateful to Mr. DiDonato and the executive leadership team for their stewardship and to the talented and hard-working members of the Bang Energy team for their unyielding commitment to the brand.”
According to Vital, DiDonato is the national practice leader and managing director at Huron Consulting Company and brings “more than 35 years of experience leading companies through complex financial and operational transformations”.
© FoodBev Media Ltd 2022
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