S AFRICA: The Company of Wine People MD departs
The MD of The Company of Wine People left the wine producer on Monday
The head of The Company of Wine People has stepped down from his position due to “a difference of opinion between the expectations of the shareholders” and the group's performance".
Speaking exclusively to just-drinks this morning (4 April), chairman Dave Price confirmed that Hermann Böhmer has resigned from The Company of Wine People. Böhmer left the group on Monday, said Price, who is assuming the managing director role in the interim.
“Unfortunately, we've had a bit of a difference of opinion between the expectations of the shareholders and the performance of the company,” said Price. “That has eventually resulted in Hermann resigning.”
When asked to clarify reasons for the move, Price said: “The company has effectively traded at a loss on average ever since it was created (in 2006). There have been significant impairments of operations in order to try to improve the trading results, but that's never been effective.
“The shareholders have seen a significant deterioration in equity over that period. They were becoming more and more unhappy.”
Price also said that the group has started the process of finding a replacement MD, and that he will assume the role for the time being.
The Company of Wine People came into being six years ago, when Omnia Wines, which was formed in 2004 from a merger of Vinfruco and Stellenbosch Vineyards, changed its name.
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