Accolade Wines CEO Michael East has decided to take early retirement following the company's decision to withdraw from an IPO process.
The Board has released a statement noting that it has agreed to Michael’s request.
“I had always intended to retire at the beginning of 2019 and I believe it is the right thing to do so now in view of the longer time scale for an eventual IPO,” East said.
Chairman Jim Anderson has been appointed Executive Chairman and will lead Accolade as it beds down and realises a number of value adding initiatives. These initiatives include the acquisition of a portfolio of premium wines from Fine Wine Partners; the planned construction of a bottling line and warehousing facility in South Australia; and the ramping up of distribution and sales in China.
Having stepped down from day to day management, Michael, 57, will remain available to Jim Anderson and the Board to assist with the transition.
“I want to thank Michael for taking on the CEO role at short notice last year and recognise his distinguished professionalism at Accolade," Anderson said. "Michael has made a major contribution to Accolade through his leadership of the Australia and New Zealand business over the last five years. The Board wishes him well in his future retirement.”
Accolade's previous CEO, Paul Schaafsma, stepped down last year.
Anderson has been a Director of Accolade for four years and was appointed Chairman earlier this year. He has enjoyed an extensive career in multiple roles and geographies and formerly was a CEO of two international companies.
Accolade announced the appointment of Rick Wilson as its new General Manager, Australia & New Zealand, last month.
Wilson was previously the Managing Director of Advantage Australia, the global leader in FMCG benchmarking between retailer and supplier.
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