Chapel Down appoints new CEO as CFO steps down

(Sharecast News) - Chapel Down Group announced the appointment of James Pennefather as its new chief executive officer on Friday, effective 1 February. The AIM-traded firm said Pennefather, a veteran of the premium drinks industry with more than 25 years of experience, most recently led the Lakes Distillery Company, overseeing its successful sale to the Nyetimber Group earlier this year.

His previous roles included senior leadership positions at William Grant & Sons and Diageo, spanning markets across the UK, Middle East, Africa, and India.

"We are delighted to have appointed James, who is an outstanding business leader with deep experience in building premium drinks brands within emerging categories, developing strong customer relationships in the UK and globally and enhancing shareholder value," said chairman Martin Glenn.

"Chapel Down has made excellent progress as a business and a brand, and James is well placed to continue Chapel Down's development and growth."

The company also announced the resignation of Rob Smith as chief financial officer and director.

Smith, who joined Chapel Down in 2022, played a key role in the company's strategic development, including its successful AIM listing in 2023 and the implementation of a unified technology platform.

He would remain in his role until April to ensure a smooth transition while the search for his successor started.

Additionally, non-executive director Stewart Gilliland had stepped down after three years of service.

Chapel Down said it was optimistic about its future, reaffirming its leadership position in the English wine industry.

The company said it had completed the 2024 harvest with strong tonnage and high-quality vintage results.

Trading in the final quarter had been robust, with the firm expecting to meet full-year management expectations, carrying positive momentum into 2025.

A trading update was scheduled for January.

At 0847 GMT, shares in Chapel Down Group were up 11.43% at 39p.

Reporting by Josh White for Sharecast.com.