In an SEC filing this week, NewAge, Inc. announced that the board of directors and Chief Executive Officer Brent Willis have agreed that Willis will resign as CEO, Director and employee, effective immediately. No successor has been appointed for the position, and the company plans to begin a search for a new CEO “promptly.”
In the meantime, the board of directors will make all principal executive officer-level determinations, and Chairman of the Board Ed Brennan will guide and direct the senior management team.
Within this same filing, the company also issued preliminary financial results for the fourth quarter of 2021, posting net revenue expectations between $99 million to $101 million. This prediction is relatively unchanged from the company’s third quarter 2021 revenue of $100 million, but is below previous expectations of a high single-digit sequential increase.