Vintage Wine Estates Appoints Seth Kaufman as President and CEO
20 Luglio 2023 - 10:10PM
Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the
“Company”), one of the top wine producers in the U.S. with an
industry leading direct-to-customer platform, today announced the
appointment of Seth Kaufman as President and CEO succeeding Interim
CEO, Jon Moramarco, who will continue in his role as a Director.
Mr. Kaufman is expected to begin in his position at VWE no later
than October 30, 2023.
For the last four years, Mr. Kaufman has been President &
CEO of Moët Hennessy North America, the $2.5 billion North American
wine & spirits business of LVMH (ENXTPA: MC, OTCPK: LVMU.Y).
During that time, he has organically grown the business in the high
single digits while increasing profitability.
Pat Roney, Executive Chairman, and Paul Walsh, Lead Independent
Director, together noted, “We are excited that Seth will be joining
us at this critical juncture as we transition the organization to
drive stronger earnings and cash flow, focus resources on key
brands for growth, simplify the organization to improve
productivity and strengthen our operating processes. We believe
Seth brings the talent and experience to lead us through this
transition and beyond.”
Mr. Kaufman commented, “These are certainly exciting times at
VWE, and while I believe there is still much work to be done, I am
impressed with the progress the Company has made thus far in 2023.
I believe that VWE has leading key brands that have ample runway
for growth as well as a very strong asset base in its wineries,
tasting rooms, customer relationships and digital marketing reach.
I look forward to capitalizing on this base and building a business
that can continue to grow its presence and leadership in the U.S.
wine and cider market.”
In his role at LVMH - Moët Hennessy North America, in addition
to delivering strong growth, Mr. Kaufman drove margin expansion,
championed disruptive, yet compliant business changes to drive
outperformance, re-imagined its operating model, initiated leading
eBusiness strategies and championed a step-change approach to
talent management. Prior to LVMH, Mr. Kaufman progressively
advanced through several roles over a nearly 20-year career at
PepsiCo, Inc. His roles included among others, Senior Vice
President, Pepsi Trademark & Flavors and Chief Marketing
Officer, PepsiCo North America Beverages, where he was honored with
the recognition by Business Insider as being ranked fifteen among
the “Top 50 Most Innovative CMOs in the World.” He culminated his
career at PepsiCo as President, PepsiCo North America Nutrition
& The Hive Emerging Brand Unit. He began his career in the
advertising sales business as Regional Market Director for a
division of Interep Radio in New York City. Mr. Kaufman earned his
M.B.A. from the University of Michigan, Ross School of Business and
his B.S. in Television, Radio & Film Management from the
Syracuse University, S.I. Newhouse School of Public
Communications.
About Vintage Wine EstatesVintage Wine Estates
is a family of wineries and wines whose singular focus is producing
the best quality wines and 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 14th 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 brands arrangements
with national retailers. While VWE is diverse across price points
and varietals with over 60 brands ranging from $10 to $150 USD at
retail, its primary focus is on the fastest growing luxury segment
of the U.S. wine industry with the majority of brands selling in
the range of $10 to $20 per bottle. The Company regularly posts
updates and additional information at vintagewineestates.com.
Forward-Looking StatementsSome of the
statements contained in this press release are forward-looking
statements within the meaning of applicable securities laws
(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
“believe,” “transition,” “focus,” “simplify,” “improve,”
“building,” “capitalizing,” “will,” or other similar expressions
that indicate future events or trends. These forward-looking
statements include, but are not limited to, statements regarding
VWE’s current and future skills, capabilities, and performance of
its management and executive team, and business plans and
strategies. These statements are based on various assumptions,
whether or not identified in this news release, and on the current
expectations of VWE’s management. These forward-looking statements
are not intended to serve as, and should not be relied on by any
investor as, a guarantee of actual performance or an 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 Company’s
limited experience operating as a public company and its ability to
remediate its material weakness in internal control over financial
reporting and to maintain effective internal control over financial
reporting, the ability of the Company to retain key personnel, the
effect of economic conditions on the industries and markets in
which VWE operates, including financial market conditions, rising
inflation, fluctuations in prices, interest rates and market
demand; risks relating to the uncertainty of 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 global pandemic on VWE’s business
and the U.S. economy; declines or unanticipated changes in consumer
demand for VWE’s products; VWE’s ability to adequately source
grapes and other raw materials and any increase in the cost of such
materials; the impact of environmental catastrophe, natural
disasters, disease, pests, weather conditions and inadequate water
supply on VWE’s business; VWE’s level of insurance against
catastrophic events and losses; VWE’s significant reliance on its
distribution channels, including independent distributors;
potential reputational harm to VWE’s brands from internal and
external sources; possible decreases in VWE’s wine quality ratings;
integration risks associated with recent acquisitions; possible
litigation relating to misuse or abuse of alcohol; changes in
applicable laws and regulations and the significant expense to VWE
of operating in a highly regulated industry; VWE’s ability to
maintain necessary licenses; VWE’s ability to protect its
trademarks and other intellectual property rights; risks associated
with the Company’s information technology and ability to maintain
and protect personal information; VWE’s ability to make payments on
its indebtedness; and those factors discussed in the Company’s most
recent Annual Report on Form 10-K and in subsequent Quarterly
Reports on Form 10-Q or other reports filed with the Securities and
Exchange Commission. There may be additional risks including other
adjustments 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 and time of this news 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.
Contacts: |
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InvestorsDeborah K. Pawlowski Kei Advisors
LLCdpawlowski@keiadvisors.comPhone: 716.843.3908 |
MediaMary Ann
Vangrinmvangrin@vintagewineestates.com |
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A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4c619f18-ee9c-4b12-8b43-5ea7701870d7
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