Mighty Craft has announced that its Managing Director Katie McNamara will step down from her position as Managing Director on Sunday 30 June. This is in line with the terms of her fixed term contract. It also comes at a time of growing economic struggle for the company, which has seen it working with senior debt provider PURE to try to increase the economic viability of the debt-riddled company.
McNamara will also step down as Director of the Board on 12 July.
“The Board and Management would like to take this opportunity to thank Katie for her significant contribution and leadership of the business,” said Grant Peck, Chairman.
“Katie has supported the Company through some challenging times, and we are grateful for her dedication. We wish Katie all the best and look forward to her continued support”.
In its ASX post, the Mighty Craft Board announced the appointment of Grant Peck as Executive Chair as an interim step “given the work the Company is undertaking to consider the future business direction, including the option to pursue a potential merger with Better.”
The potential Better Beer merger deal, outlined by Mighty Craft to the ASX on April 30, would involve the purchase all remaining Better Beer shares Mighty Craft currently does not hold in the beer brand in a last ditch effort to redirect the company towards turning a profit.
“The focus and priority of the Board remains very clear – deleverage the company and continue to reduce operational costs,” said Grant Peck at the time.
Since then, Mighty Craft was forced to sell off an additional 7.5% of its stake in Better Beer to PURE in exchange for terminating all obligations related to the Royalty Deed which is currently in place for Mighty Craft’s wholesale revenue within Australia. This follows on from the recent sales of other key assets, including offloading Mismatch Brewing and the 78 Degrees Distillery for $7.2 million.
The changes to Mighty Craft’s executive team come at an important moment in time for the business. Grant Peck, who has been Chairman and Director since November 2023, will start his new role as Executive Chair on 1 July.
According to Mighty Craft Board’s ASX post, McNamara “played a critical role in stabilising the Company’s operations and restructuring the business. Katie’s unwavering commitment and strategic vision have been invaluable to the Company during this period of transition.”
Peck has been given a six-month contract and will be paid a fee of $200,000 per annum.
