Vital Pharmaceuticals, Inc, the parent company of Bang Energy, announced today that Founder, Chief Executive Officer (CEO) & Chief Science Officer (CSO), and Chairman John H. Owoc (“Jack”) will no longer serve in his role as CEO & CSO or as a member of the Board of Directors.
The removal of Owoc comes five months after Vital Pharmaceuticals filed for Chapter 11 protection following multiple costly lawsuits, the biggest involving PepsiCo and Monster Energy, that weighed heavily on its business. (inside.beer, 10.10.2022)
John DiDonato, currently the company’s Chief Transformation Officer (CTO), has been named interim CEO, effective immediately. DiDonato is the National Practice Leader and Managing Director at Huron Consulting Company. He brings more than 35 years of experience leading companies through complex financial and operational transformations. Vital Pharmaceuticals also announced that Gene Bukovi has been elevated 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. As the company continues to pursue value maximization, 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,” said Steve Panagos, Chairman of the Board.
While it can only be speculated on Owoc's departure, it is likely that there were differences between the founder and the advisory board over the future of the company, and the advisory board believed the forthcoming bankruptcy negotiations would be better conducted under the leadership of a new CEO.