Amber Beverage Group (ABG) CEO Jekaterina Stuģe is to step down in a “mutual agreement” with the spirits company, it said.
She will be replaced in the interim by chief legal officer and sustainability officer Arturs Evart.
Stuģe has worked at the Moskovskaya vodka owner for almost a decade, previously as chief operating officer and CFO. She joined in 2014 as CFO as well as a member of the company’s board of directors.
In a short statement announcing the move, the Luxembourg-headquartered company said: “Jekaterina Stuģe’s departure from the company is a result of mutual agreement, reflecting collaborative discussions between Mrs Stuģe and the company’s ownership, aligning on the best path forward for both parties.”
It added: “ABG welcomes the support of its stakeholders and are confident that, under Arturs Evart’s leadership, it will continue to thrive while it undertakes a thorough process to identify the most appropriate candidate for the CEO position.
“Arturs has played a pivotal role in the group’s strategy and possesses a comprehensive insight into every aspect of the group’s operations.
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“The transition process will ensure a seamless continuation of all business functions, ensuring shareholders can be confident in the stability and continuity of the group’s strategy, seeking to build on its growth momentum.”
In the nine months to 30 September, ABG’s net revenue fell 3% to €244m ($263.8m), which it attributed to lower production volumes, a slowdown in key markets including the US, UK and Australia, and the divestment of Russian spirits company Amber Permalko last year.
Gross profits fell from €72.2m to €67.7m, while operating profits fell from €19.1m to €13.8m. ABG cited “macroeconomical and geopolitical changes, instability in energy resource prices, labour market changes and the surge of inflation” for the year-on-year losses.
The company’s total liabilities for the period stood at €258.6m, down from €265.5m during the same period of 2022.
The company’s full-year 2023 results have not yet been released.
ABG sells more than 1,400 products and employs around 1,600 people. Vodka forms the majority of sales, in both value and volume terms.
Last year the group announced a €35m investment in a new Irish whiskey distillery for its Walsh Whiskey brand.