Craig Garvin reinstated as CEO of Australian Vintage

This morning, Australian Vintage has confirmed that Craig Garvin will be returning to his previously held position of Chief Executive Officer after being fired for misconduct in May. The announcement follows on from a five month search for a suitable replacement which involved two separate interim CEOs and the appointment of four new board members.

"The new Board of Australian Vintage is pleased to welcome Craig back to AVG,” said James Williamson, Chairman and outgoing Acting CEO.

“His appointment follows an external search that considered a number of exceptional candidates. After a thorough review of the circumstances and processes surrounding his departure from Australian Vintage in May, the Board felt it was important for Craig to be involved in the search process.”

According to a statement issued to shareholders, Craig Garvin was fired on 4 May for engaging in conduct that “displayed a lack of judgement and was inconsistent with the values of the company and the high standards expected of its Chief Executive Officer.” Following this, the vacated role was filled by then non-executive director Peter Perrin, who was forced to step down in August due to a “recent diagnosis of a form of cancer.”

Prior to starting on as CEO of Australian Vintage in November 2019, Garvin had more than nine years of experience as CEO Of Parmalat Australia, a leading dairy manufacturer. According to James Williamson, “his appointment, after a difficult period for the company, highlights the Board’s laser-like focus on restoring shareholder value.

“He is a respected and well-liked leader who successfully led the change at AVG in a challenging environment," continued Williamson.

"This included the development and implementation of the company’s five-year strategic plan, which transformed the company into a consumer-led business with a commitment to innovation.”

James Williamson, Elaine Teh, and Michael Byrne were appointed as non-executive directors of Australian Vintage on 14 August, following on from the appointment of customer-centred business transformation specialist Margaret Zabel as a new non-executive director and Chair of the Board’s People, Remuneration and Culture Committee on 23 July. Shortly after, the new Board announced a new three-year growth strategy targeting a free cash flow of +$20 million and a Return on Capital Employed of +8% by the end of Financial Year 2027.

This morning, Zabel said that Garvin “is the right person to take Australian Vintage forward, and we are looking forward to working with him to create value for our shareholders to deliver great wine brands to our customers.”

Williamson added, “Craig’s appointment positions us to strengthen the company and take advantage of opportunities in Australia and international markets.”

Craig Garvin will resume the role of Australian Vintage CEO from Monday 14 October and will receive a Fixed Annual Remuneration of $600,000.