Steve Donohue, Chief Executive Officer and managing director of Australian retail, wine and spirits brands major Endeavour Group is to step down from the business.
An official statement released today (27 September) said: "Mr Donohue and the Board have determined now is the right time for a new leader to take the Group into its next phase of growth".
Endeavour declined to confirm whether Donohue has decided to retire or seek opportunities elsewhere.
Donohue assumed the position of CEO at Endeavour in 2018, after it demerged from Woolworths Group Limited on the Australian stock exchange in 2021.
External advisors have been appointed to assist with the search for a new company chief. Donohue is expected to remain working in the position until his successor is selected, "to assist with an orderly transition".
Just Drinks has asked Endeavour to confirm whether it has begun its search for a new CEO and when it expects this to conclude.
Commenting on his upcoming departure, Donohue said “Six years after we created Endeavour Group and with the strategy and culture well established as an independent company, now is the right time for me to pass the baton on to the next leader".
Endeavour's share price was down 2.54% to A$4.99 ($3.43) as of 10:47 BST.
The retailer, drinks producer and hotel business was established in 2018, following the merger of ALH Hotel Groups and Endeavour Drinks.
Donohue worked in a number of roles in businesses like Dan Murphy's and Woolworths, prior to becoming CEO of Endeavour in 2018.
Speaking on the Donohue's departure, Endeavour's chairman Ari Mervis said: “Steve is a rare CEO who rose from the shop floor to the top job, and he will leave behind a significant legacy with Endeavour Group.”
“His passion and drive is known throughout the company as well as the broader industry.”
“Steve has a track record of success through a range of roles, and I wish to pay special tribute to his leadership of the organisation and his passionate commitment to making Endeavour a success."
Arvis was appointed as Endeavour's new chairman in January, following shareholder tension at its AGM the previous October.
The former Accolade Wines and SABMiller executive replaced Peter Hearl in the role in April.
Endeavour's drinks portfolio includes Australian and New Zealand winemakers Paragon Wine Estates, wine, beer and spirits distributor Pinnacle Drinks and Australian fine wine retailer Langtons.
The group also owns the Australian liquor store chains Dan Murphy's and BWS, among other retail and hospitality brands.
