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US: Second Castle Brands CFO quits

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Castle Brands has lost its second finance chief in under five months.

The US-based spirits company said yesterday (20 March) that Herbert Roberts, who has held the position of CFO for three months, has resigned for personal reasons. Roberts' departure follows the resignation of Matthew MacFarlane from the position at the end of October last year.

"No business, competitive or financial issues regarding the company played a role in Mr. Roberts' decision," Castle said. Company president and COO Keith Bellinger will resume responsibilities as principal financial officer while a permanent CFO is recruited.

Last month, Castle saw quarterly losses inch up on the back of increased marketing costs. The company, which sells brands including Boru vodka and Gosling's rum, posted a net loss of US$3.7m for its third quarter to 31 December. The result follows losses of US$3.6m a year earlier.

Separately, Castle also said yesterday that Donald Marsh has come on board as a senior consultant to advise and support the management team on financial and operational matters. Marsh was previously CFO at Commonwealth Industries, a publicly-traded metals company.

Prior to the appointment of a permanent CFO, Marsh will "assist the management team of Castle Brands in the management and execution of finance-related matters", Castle said.

"Although only with us briefly, Herb made an impact in the time he was here and we thank him for his contribution," said Castle CEO Mark Andrews. "We are fortunate to have a very talented management team in place."


Sectors: Spirits

Companies: Castle Brands

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