Australian Vintage, one of Australia's largest wine producers, has reappointed Craig Garvin as CEO just five months after ending his contract.
Garvin, who previously led the company from November 2019 until May 2023, returns to steer the owner of Tempus Two and McGuigan Wines following a leadership shake-up.
Australian Vintage's chairman, James Williamson, stated that Garvin’s reappointment came after a thorough external search process. The new board found Garvin’s involvement crucial in the search, despite his earlier dismissal in May over what the company called “conduct inconsistent with the values of the company.”
During Garvin's absence, Peter Perrin, a non-executive director, acted as interim CEO. Perrin’s leadership ended in August following a cancer diagnosis, with Williamson stepping in temporarily.
Margaret Zabel, chair of Australian Vintage’s people, remuneration, and nomination committee, expressed confidence in Garvin’s leadership. She credited him for building high-performing teams, fostering a strong company culture, and maintaining strong relationships with customers and stakeholders. The board believes Garvin is the right person to drive the company forward.
Australian Vintage, which operates in over 40 countries, has been actively restructuring its operations. In August 2023, the company announced a revised sales strategy aimed at improving financial performance, which included raising capital, reducing debt, and asset sales. While fiscal 2024 revenue grew by 1% to AUD 261 million (USD 175.7 million), and underlying earnings rose significantly, the company reported a steep statutory net loss of AUD 93 million.
Garvin’s return is seen as a strategic move to stabilize the company and enhance shareholder value. His prior track record of fostering growth and operational efficiency is expected to aid Australian Vintage as it navigates current market challenges and seeks to bolster its wine brands globally.
Source: Yahoo Finance