US: Panache Beverage faces shake-up as CEO, COO quit
Panache Beverage has seen three of its senior executives walk out as the company undergoes a strategy shake-up and renegotiates its debt structure.
In a filing with the Securities and Exchange Commission, the Florida-based spirits firm said its president & CEO, James Dale, its COO, Agata Podedworny, and its sales VP, Sjoerd de Jong, have all tendered their resignations with the company's board. “The executive changes resulted from a review of the company's current business strategy with Panache's senior secured lender, Consilium Investment Management Ltd, which has terminated its financial advisory agreement with the company,” a statement said.
However, Michael Romer, Panache's MD, who has been appointed interim president & CEO, insisted: “Panache is operating its business as usual. Our distribution and logistics partners remain unchanged and our marketing agency of record remains in place. Sales support of the brands continues.”
The company said it is currently negotiating with Consilium over the “terms and conditions of a modification of the company's debt” and a revised business strategy to ensure the group's long-term future. Panache is also interviewing candidates to replace the executives that have left, it said.
The company's brands include Wodka Vodka, Alibi American Whiskey, and Alchemia Infused Vodka.
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