TIDMWINE
RNS Number : 5361D
Naked Wines PLC
20 October 2022
20 October 2022
Naked Wines plc
("Naked" or the "Group")
Board Changes
Naked Wines PLC today announced a new operating & financial
plan, focusing on its pivot to profit.
Concurrent with this plan, Naked Wines today also announces the
following changes to the board.
-- Darryl Rawlings will step down as Chairman of the board,
effective today and as a member of the board at months' end
-- David Stead will assume the role of Chairman of the board, effective from today(1)
-- Deirdre Runnette will assume the role of Senior Independent
Director ("SID") also effective from today
-- The Board has initiated the process to recruit a new Chair of
the Audit Committee and an announcement will be made in due
course
-- The board is in active discussions with James Crawford to
assume the CFO role on a permanent basis to support delivery of our
new operating & financial plan
David Stead has served as a Director of Naked Wines since 2017
and currently serves as the Chair of Naked Wines Audit Committee
and brings to the board extensive Finance & UK Public markets
experience.
Darryl Rawlings, outgoing Chairman commented:
" I joined the board of Naked Wines with the goal of helping
management successfully pursue its mission to connect wine drinkers
with world class winemakers, while building a strong team and
growing its intrinsic value per share. As the Company initiates its
new plan, with a strong cost agenda, we believe that it is the
right time to transition the role of Chairman. I remain an
enthusiastic paying member and investor in Naked Wines, I wish
everyone the best."
Nick Devlin, CEO commented:
"As the founder and CEO of a direct to consumer, monthly
subscription platform, Darryl has been a tremendous asset to us
over the past twelve months. His focus on the fundamentals and unit
economics have been helpful to us as we seek to create long-term
sustainable value for our members, winemakers, team and
shareholders.
I'd also like to welcome David to the role of Chairman. David
brings a deep understanding of the Naked Wines model combined with
extensive operating experience and I believe he will be a great
asset to myself and the management team in navigating Naked
successfully through the current market and consumer
environment".
David Stead commented:
"I look forward to working closely with Nick and James in the
coming months and beyond. My aim, together with the other
non-executive directors, is to support them in delivering improved
liquidity and sustainable profitability."
1. Naked Wines had previously announced David Stead's intent to
step down from the board at the company's Interim Results. Today's
announcement supersedes that with David committed to the board to
ensure delivery of the Operating & Financial plan announced
today.
For further information, please contact:
Naked Wines plc
Nick Devlin, Chief Executive Officer
James Crawford, Chief Financial Officer
Clara Melia / Chris MacDonald IR@nakedwines.com
Investec (NOMAD & Joint Broker)
David Flin / Carlton Nelson / Ben Farrow Tel: 0207 597 5970
Jefferies (Joint Broker)
Ed Matthews / David Genis / Gill O'Driscoll Tel: 0207 029
8000
Instinctif (FInancial PR)
Guy Scarborough / Damian Reece Tel: 07917 178 920 / 07931 598
593
About Naked Wines plc
Naked Wines connects everyday wine drinkers with the world's
best independent winemakers.
Why? Because we think it's a better deal for everyone. Talented
winemakers get the support, funding and freedom they need to make
the best wine they've ever made. The wine drinkers who support them
get much better wine at much better prices than traditional
retail.
It's a unique business model. Naked Wines customers commit to a
fixed prepayment each month which goes towards their next purchase.
Naked in turn funds the production costs for winemakers, generating
savings that are passed back to its customers. It creates a
virtuous circle that benefits both wine drinker and winemaker.
Our mission is to change the way the whole wine industry works
for the better. In the last financial year, we served more than
960,000 Angel members in the US, UK and Australia, making us a
leading player in the fast-growing direct-to-consumer wine
market.
Our customers (who we call Angels) have direct access to 266 of
the world's best independent winemakers making over 2,500 quality
wines in 20 different countries. We collaborate with some of the
world's best independent winemakers like Matt Parish (Beringer,
Stags' Leap) and 8-time Winemaker of the Year Daryl Groom (Penfolds
Grange).
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END
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October 20, 2022 02:00 ET (06:00 GMT)
Grafico Azioni Naked Wines (AQSE:WINE.GB)
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