Australian spirits and beer business Mighty Craft has appointed former SABMiller executive Grant Peck as non-executive chair.
The move follows the failed re-election of chairperson Chris Malcolm earlier this month.
Peck has worked in the beverage industry since starting as a financial director at Australia’s Lion in 1991. While most recently he was CEO of health and beauty product supplier McPherson’s, the majority of his previous positions have been in financial roles.
“It’s clear there is a lot of work to be done in the turnaround of the company. However, the team has already made significant progress in the redefinition of Mighty Craft,” Peck said.
“Like many businesses, survival through the last few years has not been a given, and the board understands it must work quickly with shareholders, stakeholders, and customers to swiftly re-position the business to maximise the assets and value created so far.”
Malcolm was given a board seat in April. As non-executive chair, Malcolm undertook a strategic review of the business. However, at an AGM earlier this month, Malcolm was not re-elected.
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The promotion and appointment of board director Katie McNamara as Mighty Craft’s new managing director was given the green light by shareholders.
As part of the strategic review, the company has sold off a number of its smaller brands such as Jetty Road and Foghorn Breweries. In August, Mighty Craft said it was mulling the sale of “larger assets” in a bid to bring costs down to reach “sustainable earnings”.
Mighty Craft took in A$82.5m ($54.6m) in annual revenue during its 2023 financial year, up 48% on a year earlier. The company booked an underlying EBITDA loss of A$6.2m, compared to a loss of A$6.3m in the previous financial year. On a reported basis, Mighty Craft posted an EBITDA of A$17m, against a loss of A$12m a year earlier.
Revenue growth was driven by the wholesale channel, with its Better Beer brand accounting for roughly 60% of the company’s total sales.