Vintage Wine Estates, Inc. Announces Chief Operating Officer Succession Plan
SANTA ROSA, Calif., Sept. 20, 2021 (GLOBE NEWSWIRE) -- Vintage Wine Estates, Inc. (NASDAQ: VWE) (TSX: VWE.U) (TSX: VWE.WT.U) (“VWE” or the “Company”), one of the fastest growing U.S. wine producers with an industry leading direct-to-customer platform, today announced the succession plan for its Chief Operating Officer (COO). Russell G. Joy, who brings over 20 years of wine industry experience spanning finance and operations, will be appointed COO effective November 1, 2021, succeeding Jeff Nicholson, who will retire from the Company effective October 29, 2021.
Mr. Joy has held key roles in the wine industry most recently as General Manager of Napa Wine Company where he managed the upgrading of its facility while leading a culture change. Previous to that role, he was vice president of California operations for Ste. Michelle Wine Estates which had acquired Patz & Hall Wine Company where Mr. Joy had held the position of CEO, president and general manager for eleven years from the startup of the business. He joined the wine industry as controller for Allied Domecq Wines then moved on to become chief financial officer of Sebastiani Vineyards, Inc and subsequently joined Viansa Winery as CFO and president. He began his career as a CPA with Touche Ross & Co, now known as Deloitte.
Pat Roney, Founder and Chief Executive Officer of Vintage Wine Estates, Inc., commented, “Russ has a strong track record of execution and proven leadership skills that I expect to prove valuable as we continue to execute our strategy for growth. He brings extensive operating and finance experience to the team that should prove beneficial as well for our transition into the public reporting realm. These are exciting times at VWE as we execute our plans to drive growth by leveraging our differentiated, business model encompassing three channel-to-market platforms.”
He concluded, “Jeff joined us in 2019 to help us drive greater scalability and ultimately prepare us for our transition to a public company. He was instrumental in the successful expansion of our bottling line and warehousing capacity as well as effectively meeting the surge in demand we realized from both our direct-to-consumer and private label businesses these past nearly two and a half years. We look forward to Jeff’s continued contributions in support of special projects.”
About Vintage Wine Estates, Inc.
Vintage Wine Estates is a family of wineries and wines whose mission is to produce the finest quality wines and provide incredible customer experiences with wineries throughout Napa, Sonoma, California’s Central Coast, Oregon and Washington State. Since its founding 20 years ago, the Company has grown to be the 15th largest wine producer in the U.S. selling more than two million nine-liter equivalent cases annually. To consistently drive growth, the Company curates, creates, stewards and markets its many brands and services to customers and end consumers via a balanced omni-channel strategy encompassing direct-to-consumer, wholesale and exclusive brand arrangements with national retailers. While VWE is diverse across price points and varietals with over 50 brands ranging from $10 to $150 at retail, its primary focus is on the fastest growing premium segment of the wine industry with the majority of brands selling in the $12 to $20 price range. The Company regularly posts updates and additional information at https://www.vintagewineestates.com/.
Some of the statements contained in this press release are forward-looking statements within the meaning of U.S. securities law and forward-looking information within the meaning of applicable Canadian securities law(collectively, “forward-looking statements”). Forward-looking statements are all statements other than those of historical fact, and generally may be identified by the use of words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “intend,” “may,” “model,” “outlook,” “plan,” “pro forma,” “project,” “seek,” “should,” “will,” “would” or other similar expressions that indicate future events or trends. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, projections of market opportunity and market share, business plans and strategies, expansion and acquisition opportunities, growth prospects and consumer and industry trends. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of VWE’s management and are not guarantees of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, assurance or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ materially from those contained in or implied by such forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the control of VWE. Factors that could cause actual results to differ materially from the results expressed or implied by such forward-looking statements include, among others: the effect of economic conditions on the industries and markets in which VWE operates, including financial market conditions, fluctuations in prices, interest rates and market demand; failure to realize the anticipated benefits of combination with Bespoke Capital Acquisition Corporation; risks relating to the uncertainty of the projected financial information; the effects of competition on VWE’s future business; risks related to the organic and inorganic growth of VWE’s business and the timing of expected business milestones; the potential adverse effects of the ongoing COVID-19 pandemic on VWE’s business and the U.S. economy; declines or unanticipated changes in consumer demand for VWE’s products; the impact of environmental catastrophe, natural disasters, disease, pests, weather conditions and inadequate water supply on VWE’s business; VWE’s significant reliance on its distribution channels; potential reputational harm to VWE’s brands from internal and external sources; possible decreases in VWE’s wine quality ratings; possible departures from VWE’s senior management team; integration risks associated with acquisitions; changes in applicable laws and regulations and the significant expense to VWE of operating in a highly regulated industry; VWE’s ability to make payments on its indebtedness; and those factors discussed in documents of VWE filed with the U.S. Securities and Exchange Commission (“SEC”) or Canadian securities regulatory authorities. There may be additional risks that VWE does not presently know or that VWE currently believes are immaterial that could also cause actual results to differ from those expressed in or implied by these forward-looking statements. In addition, forward-looking statements reflect VWE’s expectations, plans or forecasts of future events and views as of the date of this press release. VWE undertakes no obligation to update or revise any forward-looking statements contained herein, except as may be required by law. Accordingly, undue reliance should not be placed upon these forward-looking statements.
Mary Ann Vangrin