McGuigan wine maker Australian Vintage has ended the contract of CEO Craig Garvin.
In a stock-exchange filing, the company said its board had fired Garvin “for engaging in conduct that, in its view, displayed a lack of judgement and was inconsistent with the values of the company and the high standards expected of its chief executive officer”.
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Garvin was appointed Australian Vintage CEO in November 2019, joining the Tempus Two brand owner from dairy group Lactalis.
Non-executive director Peter Perrin has been named acting CEO while the company looks for a permanent successor.
In February, Australian Vintage said it was in “very early” talks over a potential merger with domestic peer Accolade Wines.
The Adelaide-based wine and spirits company said it was in “exploratory discussions” with Accolade, although it underlined there was “no certainty that any transaction will eventuate”.
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By GlobalDataThe news came just weeks after weeks after an investor consortium took over Accolade to “build a more secure long-term future of the business”.
Last year, Australian Vintage launched a strategic review to “expedite value unlock”, which Garvin insisted at the time was not about selling the business.
In the statement announcing Garvin’s departure on Friday (3 May), Australian Vintage said his exit “should have no impact on the preliminary discussions” between the two companies.
It added: “Those discussions are continuing, although there remains no certainty that any transaction will eventuate”.
Chairman Richard Davis said the board “thanks Craig for his service to the company over the past four years”.
He added: “While we are disappointed by the circumstances leading to his departure, we believe this decision is in the best interests of the company and its stakeholders. The board remains committed to upholding the highest standards of conduct and accountability for all employees, including senior leadership.”
According to The Australian newspaper, Garvin is considering his legal options.
