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Vintage Wine Estates
VWE,
on Thursday said Seth Kaufman will join the company as president and chief executive officer, a change in leadership amid its broader turnaround campaign.
The wine producer said Kaufman will join the company no later than Oct. 30 from Moët Hennessy North America, the North America wine and spirits business of LVMH
MC,
where he serves as president and CEO.
The change in leadership comes as Vintage Wine Estates looks to reposition itself ahead of fiscal 2024. Efforts to simplify the business and cut costs have included improving productivity in its bottling and canning facilities, raising prices on several brands, increasing shipping costs and reducing its headcount by 4% in addition to reductions made in March.
The Incline Village, Nev.-based company said its restructuring costs are expected to be in the range of $6 million and $7 million, with the majority occurring in the first quarter of fiscal 2024.
Vintage Wine Estates forecast revenue between $250 million and $270 million in fiscal 2024.
Interim CEO Jon Moramarco said while the company expects revenue to decline amid the transitions in the next fiscal year, it’s planning for margins to improve. The decline in revenue primarily reflects around $33 million related to the depletion of aged bulk whiskey inventory, $6 million related to discontinued bottled spirits program and roughly $9 million in SKU rationalization, the company said.
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