Canadian beverage producer Andrew Peller is changing its top table as CEO John Peller and four directors leave their roles.
CEO John Peller is retiring as president and CEO “within the next year”. He has been chief executive for 29 years.
Andrew Peller said its board is “engaged” in a process to find a new CEO.
Meanwhile, four directors – Perry Miele, Shauneen Bruder, François Vimard and David Mongeau – are stepping down “effective immediately ... to support a proactive refreshment of the board”, a statement read.
The company expects to fill these positions within the coming weeks.
“I am committed to providing leadership and support, together with the other members of the board and the Peller family, as we enter the next chapter of Andrew Peller’s evolution,” John Peller said.
Posting results for the six months ended 30 September, the Peller Estates brand owner had revenue of C$200.6m ($145.2m), slightly up from C$199.5m in a year-on-year comparison. It reported a net profit of C$4.4m for the period, up from C$2.7m.
“Looking ahead to the longer term, we are optimistic about our future as global markets stabilise and inflationary pressures ease,” CEO Peller said.
“We expect growth will come from our strong focus on our established trade channels, market share improvements, optimising our selling prices and trade spending and increasing our initiatives to enhance sales of our higher margin premium products.”
In June, the Canadian drink business warned that it could take up to two years for profit margins at Andrew Peller to return to more normal levels. The vintner said it continued to be impacted by the high cost of raw materials in its inventory.
In a bid to offset rising costs, the Trius brand owner has embarked on a number of cost-saving initiatives, which CFO Paul Dubkowski said would help it recover margins heading into fiscal 2024.
Andrew Peller has several wineries in Canada such as its Niagara-on-the-Lake winery and a number of sites in the Okanagan region, including its Black Hills, Tinhorn Creek and Gray Monk brands.
Last month, the company shut Red Rooster Winery and said it was moving production elsewhere. The winery, based in the Okanagan Valley, British Columbia, closed its doors on 8 October citing an “unprecedented winter event” that caused “significant” damage to its vineyards.
Andrew Peller said it will source fruit from the same vineyards for the production of the Red Rooster brand but will use other facilities in the Okanagan Valley for the winemaking process.
