Robert Nistico, the founder, CEO and chairman of Splash Beverage Group has resigned from his executive positions at the company.
He will "transition out of the CEO role" by Friday (14 November), a statement from the Pulpoloco Sangria producer said.
Nistico remains on the board, "collaborating on special projects within the beverage sector”, Splash Beverage added.
Bill Caple, who has been a board member for more than two years, has been appointed chairman, while company president William Meissner will assume "additional responsibilities" as the board searches for a new CEO.
Commenting on the news, Nistico said: “The timing is right for new leadership to carry Splash forward, and I have full confidence in Bill Caple and the reenergised board as we guide the company into its next chapter.”
Florida-based Splash Beverage said Caple “combines deep capital-markets insight with hands-on experience, and a strong background in guiding growth-oriented companies”.
Reflecting on Nistico’s tenure, Caple said: “Under his [Nistico’s] direction, Splash completed a successful IPO in 2020, uplisted to the NYSE in 2021, and navigated several dynamic years of growth and expansion.
“The company has now emerged from a very challenging period well positioned for its broader next phase of development.”
For the six months to 30 June, Splash Beverage posted net revenues of $438,272, down 83% year on year.
Operating losses narrowed to $3.6m from $6.9m in the prior-year period. However, net loss for the six-month period widened to $12.1m from $9.9m.
Caple added that the board would now be focused "on accelerating strategic acquisitions beyond just beverage and driving long-term shareholder value”.
The shift at the top follows the collapse of Splash’s bid to acquire JEM Beverage Management Company, owner of Western Son.
Splash Beverage signed a letter of intent for the deal in September 2023, later revising terms in February 2024 to what it described as “primarily a stock-for-equity transaction” after initially pursuing a “majority cash-based acquisition”.
The deal, expected to close in the first quarter, ultimately did not complete.
Last month, Sazerac acquired Western Son for an undisclosed amount.
