Lark Distilling Co. has announced today that Mr David Dearie will step down as Chair. He will be replaced by current Non-executive Director Domenic Panaccio, effective immediately. David will transition into the Non-Executive Director role vacated by Panaccio.
“It has been a privilege to serve as the Chair of Lark since 2019,” commented Dearie.
“Whilst we have had success in growing the Lark brand domestically and the whisky bank, the Board and the Lark Team are now focussed on our next chapter of growing the brand and distribution of Lark internationally.”
Dearie’s successor, Domenic Panaccio, joined the Board in March 2022 following 30+ years of experience in real estate and consumer product industries. This includes experience across all facets of company management, including finance, equity and debt capital markets, risk management and business strategy, in large public companies such as 20 years at Fosters Group and 10 years at Westfield.
“I am honoured to be elected to succeed David as Chair,” said Panaccio.
“David has worked tirelessly with the Executive team and the Board for many years to grow Lark into Australia’s Number 1 Luxury Single Malt Whisky. I am committed to the creation of long-term value for all our stakeholders and look forward to working with my fellow Directors and management to achieve this.”
David Dearie will work closely with Domenic Panaccio to assist in the transition.
“I am very pleased that the Board has selected someone of Domenic’s experience and calibre and I am confident that, under his leadership, the business will achieve success,” he said.
The change was announced concurrently with the release of the ASX listed corporation’s December 2023 Quarterly Activities Report & 4C Market Update, which detailed a $1.1 million decrease in Net Sales revenue driven by lower domestic limited release sales and reduced exports (-$0.5m) due to a slowdown in the Chinese Indirect Export Chanel.
Despite this, Lark’s Signature range displayed a significant 24% net sales growth in the quarter, aided by the additions of Lark Tasmanian Peated and Lark Rebellion to the collection.
