TORONTO: Cott Corp. has parted ways with chief executive officer Brent Willis. The biggest maker of store-brand soft drinks, which lost US$76.8 million in the fourth quarter, said Monday that director David Gibbons has been named interim CEO effective immediately.

Willis had taken over as chief executive of the company in May 2006, presiding over a series of production glitches, rising costs for plastic and other materials, and ebbing demand for fizzy soft drinks.

"The board has asked me to stay committed to the company's existing strategy, which calls for continued focus on our core retailer-branded CSD (carbonated soft drink) business while pursuing new products and channels that reflect the changing consumer landscape," stated Gibbons, who was previously CEO of retailer-brand over-the-counter drug maker Perrigo Co., and joined the Cott board a year ago.

Cott chairman Frank Weise lauded Gibbons' knowledge of the private-label business and customer relationships, and added: "The internal challenges that we have experienced in no way negate our strategy, our industry position, or our potential for growth and success."

Cott shares, worth C$19.70 on the TSX last spring, closed last week at $1.85.