Wine company Australian Vintage has reappointed Craig Garvin as its CEO just five months after ending his contract.
Garvin, who previously served as CEO from November 2019 to May this year, returns to the helm of the Tempus Two owner.
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Australian Vintage chairman James Williamson said: “The new board of Australian Vintage is pleased to welcome Craig back to AVG. His appointment follows an external search that considered a number of exceptional candidates.
“After a thorough review of the circumstances and processes surrounding his departure from Australian Vintage in May, the board felt it was important for Craig to be involved in the search process.”
In May, Australian Vintage announced its board had fired Garvin “for engaging in conduct that, in its view, displayed a lack of judgement and was inconsistent with the values of the company and the high standards expected of its chief executive officer”.
Following his departure, non-executive director Peter Perrin stepped in as acting CEO while the search for a permanent successor was underway.
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By GlobalDataPerrin’s interim leadership concluded with his stepping down in August after a cancer diagnosis. Williamson then stepped in to take the role.
Commenting on the re-appointment of Garvin, Margaret Zabel, the chair of Australian Vintage’s people, remuneration and nomination committee, said: “Craig has demonstrated his ability to create an effective high-performing team, build a strong culture, and develop enduring relationships with customers and other stakeholders.
“He is the right person to take Australian Vintage forward and we are looking forward to working with him to create value for our shareholders to deliver great wine brands to our customers.”
The company, known for brands such as McGuigan and Tempus Two, operates in over 40 countries.
In August, Australian Vintage unveiled a revised sales strategy to enhance its financial performance, while also looking to raise capital and lower its debts, efforts that have included a share offer and asset sales.
In its fiscal 2024, Australian Vintage’s revenue rose 1% to A$261m ($175.7m). Underlying EBITS was up 24% at A$13m and underlying NPATS grew 29% to A$5m.
However, the company saw a steep drop in statutory net profit, falling 2,421% compared to the previous year, posting a loss of A$93m.
