Shares are fizzing at Chapel Down this morning as the English wine producer revealed it had filled the vacant chief executive role.
James Pennefather will take the reins of the group on 1 February, stepping into the role vacated by Andrew Carter, who is heading to Yorkshire family brewer Timothy Taylor.
Pennefather has worked in the premium drinks industry for more than 25 years and was most recently CEO of The Lakes Distillery Company, where he led the business’ sale to Nyetimber earlier this year.
Prior to that, he held a number of senior leadership roles at William Grant & Sons and Diageo across the UK, Middle East, Africa and India.
Chapel Down’s share price soared by almost 10% to 38.2p on the back of the news. However, the stock remains 48% lower in the year to date.
“I am excited to be joining Chapel Down at such an important time in the company’s growth story,” Pennefather said.
“Chapel Down is the leading English winemaker and I look forward to leading the business as it pursues the next stage of transformational growth for customers and shareholders. Andrew leaves a strong legacy and I will be working closely with him and the Chapel Down management team to ensure a seamless transition.”
Chapel Down also announced that CFO Rob Smith, who joined the company in September 2022, has resigned and will leave following the publication of the full-year results in April.
A recruitment process will kick off soon, led by the new CEO.
Chairman Martin Glenn added: “We are delighted to have appointed James, who is an outstanding business leader with deep experience in building premium drinks brands within emerging categories, developing strong customer relationships in the UK and globally, and enhancing shareholder value. Chapel Down has made excellent progress as a business and a brand, and James is well placed to continue Chapel Down’s development and growth.”
Chapel Down has endured a difficult 2024 of profit warnings and disappointing trading, as the business battled with suppressed demand from hard-up consumers and a poor harvest in the autumn.
The company also put itself up for sale in June before calling off the process in October after completing a strategic review.
Alongside the appointment announcement, the Chapel Down board expressed “great confidence” in the continued growth of the English wine region and the company’s continued leadership within the industry.
Chapel Down confirmed the 2024 harvest had been successfully completed and was in line with previously announced tonnage, with “an excellent vintage quality”. The company further confirmed trading in the important final quarter of the year had been “strong”.
A trading statement will be issued in the second half of January.
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