Van Stolk also signed a new settlement agreement with Jones Soda that reduces his severance payments by about $100,000, to $350,000 altogether. The company also terminated van Stolk’s non-competition and non-disparagement obligations.
Van Stolk stepped down as Jones’ chairman and CEO in December 2007. He remained on its board, though he didn’t attend its 2008 annual shareholders’ meeting in June.
In March, the company promoted its chief operating officer, Joth Ricci, to CEO. Ricci, who joined Jones Soda from Columbia Distribution in January 2008, succeeds Stephen Jones on 1 May. Stephen Jones will remain on the company’s board.
Here is van Stolk’s resignation letter:
To the Board of Directors:
It has been an amazing opportunity to serve the shareholders of Jones Soda for more then 15 years. The company that I founded on innovation, passion and determination has achieved many notable successes, and overcome numerous seemingly insurmountable challenges during this period. These challenges were overcome by the employees and stakeholders who cared about our company and our brand. They embodied the slogan ‘run with the little guy’. It has been a privilege and a honour to work with such great people.
That being said, I am concerned with the current direction of the company, and believe that it is time for me to pursue other interests.
Therefore I tender my resignation effective immediately.
I would like to wish the best for the entire Jones Soda Co family and thank you all for your support from the start of this adventure.
Van Stolk has moved into consulting and sits on the boards of Vitamin Angels – a Santa Barbara-based non-profit organisation that helps prevent blindness in children through better nutrition – and KOR Water, a sustainable water company in Fountain Valley, California.
With his non-compete agreement gone, van Stolk’s consulting firm, Treefort Group, can advise soda and other companies that want to compete with Jones Soda. So far, Treefort has hired two workers laid off by Jones and has its eye on others.
“We’re trying to get as many people who were turfed at Jones,” van Stolk said. “They laid off some people I think were really good.”
Source: The Seattle Times
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