Vintage Wine Estates, Inc. Announces COO Succession Plan | national
SANTA ROSA, California, September 20, 2021 (GLOBE NEWSWIRE) – Vintage Wine Estates, Inc. (NASDAQ: VWE) (TSX: VWE.U) (TSX: VWE.WT.U) (“VWE” or the “Company” ), one of America’s fastest growing wine producers with a leading direct-to-customer sales platform, today announced the succession plan for its Chief Operating Officer (COO). Russell G. Joy, who brings over 20 years of wine industry experience in finance and operations, will be appointed COO effective November 1, 2021, succeeding Jeff Nicholson, who will retire from the company from October 29, 2021.
Mr. Joy has held key positions in the wine industry, most recently as Managing Director of Napa Wine Company, where he managed the upgrade of its facilities while leading a culture change. Prior to this role, he was Vice President of California Operations for Ste. Michelle Wine Estates who had acquired Patz & Hall Wine Company where Mr. Joy had served as CEO, President and CEO for eleven years since starting the business. He joined the wine industry as Controller for Allied Domecq Wines, then became CFO of Sebastiani Vineyards, Inc and then joined Viansa Winery as CFO and President. He started his career as a CPA at Touche Ross & Co, now known as Deloitte.
Pat Roney, Founder and CEO of Vintage Wine Estates, Inc., commented, “Russ has a strong track record of execution and proven leadership skills which I hope will prove invaluable as we continue to execute our growth strategy. He brings to the team extensive operational and financial experience which should also prove beneficial to our transition to the field of public reporting. These are exciting times at VWE as we execute on our plans to drive growth by leveraging our differentiated business model encompassing three distribution platforms in the market. “
He concluded, “Jeff joined us in 2019 to help us increase our scalability and ultimately prepare for our transition to an open society. He has been instrumental in the successful expansion of our bottling line and warehousing capacity, as well as in effectively responding to the surge in demand we have achieved from our direct-to-consumer business. and private label over the 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 with a mission to produce the best quality wines and provide an incredible customer experience with wineries in Napa, Sonoma, from the central coast of California, Oregon and Washington State. Since its founding 20 years ago, the company has grown to become the 15th largest wine producer in the United States, selling more than two million cases equivalent to nine liters per year. To consistently drive growth, the company organizes, creates, manages and markets its many brands and services to customers and end consumers through a balanced omnichannel strategy encompassing direct-to-consumer, wholesale and exclusive branding agreements with national retailers. Although VWE is diverse in terms of price and varietal 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, the majority of brands selling in the $ 12 to $ 20 price range. The Company regularly posts updates and additional information to https://www.vintagewineestates.com/.
Forward-Looking Statements Some of the statements contained in this press release are forward-looking statements within the meaning of US 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 statements of historical fact, and can generally be identified by the use of words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, ” future “,” intention “,” may “,” model “,” prospect “,” plan “,” pro forma “,” project “,” seek “,” should “,” will “,” would “or other similar expressions which indicate future events or trends. These forward-looking statements include, without limitation, statements regarding estimates and forecasts of financial and performance measures, projections of market opportunities and market shares, business plans and strategies, opportunities for expansion and acquisition, 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 management and do not constitute guarantees of actual performance. These forward-looking statements are provided for informational purposes only and are not intended to be used as, and should not be relied upon by any investor as, a guarantee, assurance or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ materially from those contained 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 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 conditions financial markets, fluctuations in prices, interest rates and market demand; failure to realize the expected benefits of the combination with Bespoke Capital Acquisition Corporation; risks related to the uncertainty of forecast financial information; the effects of competition on VWE’s future business; risks related to the organic and inorganic growth of VWE’s activities and the timing of expected business milestones; the potential negative effects of the ongoing COVID-19 pandemic on VWE’s business and the US economy; unanticipated declines or changes in consumer demand for VWE products; the impact of environmental disasters, natural disasters, disease, pests, weather conditions and inadequate water supply on VWE’s business; VWE’s significant dependence on its distribution channels; potential damage to the reputation of VWE brands from internal and external sources; possible reductions in the quality ratings of VWE wines; possible departures of the VWE management team; integration risks linked to acquisitions; changes in applicable laws and regulations and the significant expense for VWE to operate in a highly regulated industry; VWE’s ability to make payments on its debt; and factors discussed in VWE documents filed with the United States Securities and Exchange Commission (“SEC”) or Canadian securities regulatory authorities. There may be additional risks which VWE is not currently aware of or which VWE currently considers to be immaterial which could also cause actual results to differ from those expressed 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 assumes no obligation to update or revise any forward-looking statements contained in this document, except as required by law. Therefore, one should not place undue reliance on these forward-looking statements.
Media Mary Ann Vangrin MVangrin@vintagewineestates.com
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