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Saving Cott Corporation — From $0.50 to $10+ Stock Price
Location: Toronto, Canada · Tampa, Florida · USA
Type: Corporate Turnaround · Cost Restructuring · Change in Control
The Company
Cott Corporation was the world's largest manufacturer of private-label soft drinks and beverages — supplying Walmart, Loblaw, Costco, Tesco, Publix, and Target under their own store brands. Founded by the Pencer family, Cott's relationship with Sam Walton was foundational — Sam's Choice and Sam's Cola played a defining role in Walmart's evolution from discounter to value-forward retailer.
The Situation
Gonzalez joined as CHRO under new CEO Brent Willis, who had two immediate mandates — relocate the HQ from Toronto to Tampa, Florida, and position Cott for private equity acquisition. Gonzalez designed a Change in Control plan to retain key players through the transition. A large PE firm agreed in principle to acquire the company. The Board, wanting more money, extended negotiations.
On September 17, 2008 — the subprime mortgage crisis hit. All large transactions froze overnight. The deal was dead.
The Crisis
With the stock at $0.50 and survival in question, Gonzalez and the CEO executed a precise restructuring. Every cost was examined. Every role was evaluated. The HQ move to Tampa was accelerated to capture real estate savings. Manufacturing was consolidated. Leadership was stabilized through a revised retention structure.
The Outcome
Cott's stock recovered from $0.50 to over $10 — making it the top-performing stock on the Toronto Stock Exchange that year. The restructuring saved over $600M. The company emerged leaner, more focused, and operationally stronger than before the crisis. It stands as one of the most decisive corporate turnarounds executed during the 2008 financial crisis.