Mighty Craft managing director Katie McNamara is stepping down from the Australian group and leaving its board of directors as of 12 July.
McNamara, who joined Mighty Craft’s board of directors in April 2023, will be replaced by the group’s chairman Grant Peck. Mighty Craft said McNamara had come to the end of her fixed-term contract.
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“The board and management would like to take this opportunity to thank Katie for her significant contribution and leadership of the business,” Mighty Craft chairman Peck said. “Katie has supported the company through some challenging times, and we are grateful for her dedication.”
Peck will act as “executive chair” of Mighty Craft and serve as interim CEO three days a week. He will take up his new roles on 1 July. Peck has been given a six-month contract and a fee of A$200,000 per annum ($122,147).
Mighty Craft’s former CEO and MD Mark Haysman stepped down from his positions at the company last May.
The fresh change at the top of the business comes amid financial headwinds for the company.
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By GlobalDataMighty Craft secured an agreement with senior lender Pure Asset Management in a bid to reduce its debts in May. As part of the deal, the group sold 7.5% of its business to Pure Asset Management.
McNamara said at the time: “The royalty swap represents further meaningful debt reduction, which is a key focus of the MCL board.
“This, combined with the A$2.3m debt reduction announced in Q3 FY24 and the proposed flow of funds from the settlement of the 78 Degrees and Mismatch sale, will represent over A$10m of debt reduction across H2 FY24.”
In Mighty Craft’s third quarter ended 31 March, the group posted revenue of A$19.8m, down 22% year on year. It had a net operating cash flow loss of A$2.4m.
In May last year, it launched a strategic review that included taking A$10m from the sale of some of its smaller brands like Jetty Road and Foghorn Breweries.
In April, Mighty Craft said it was in early talks with the shareholders of Better Beer – in which it owns a 33% stake – over a possible merger.
The companies are looking at a deal that would see Mighty Craft buy the remaining shares in Better Beer. In return, Better Beer’s shareholders would be issued shares in Mighty Craft and a subsequent capital raise.
