Accolade Wines CEO Michael East has announced an early retirement.
East informed the Company’s Board of his wish to retire early, following the decision to withdraw the Company from an IPO process.
East said, “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.”
The Board has agreed to his wish.
Chairman Jim Anderson will now assume the role of Executive Chairman and will lead Accolade in a number of initiatives. Anderson has spent four years as a Director of Accolade and was appointed to Chairman earlier this year.
Initiatives Anderson will oversee include a premiuim wine portfolio acquisition from Fine Wine Partners; increasing distribution and sales in China; and the planned construction of a warehouse and bottling line in South Australia.
Anderson thanked East for his contribution to Accolade and wished him well.
“I want to thank Michael for taking on the CEO role at short notice last year and recognise his distinguished professionalism at Accolade. Michael has made a major contribution to Accolade through his leadership of the Australia and New Zealand business over the last five years,” Anderson said.
“The Board wishes him well in his future retirement.”
East will remain available to Anderson and the Board in assisting with the transition.
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