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Directorate Change

19 Feb 2015 07:00

RNS Number : 2946F
Majestic Wine PLC
19 February 2015
 



For immediate release

19 February 2015

 

 

 

Majestic Wine PLC

("Majestic Wine" or the "Company")

 

Directorate Change

 

Chief Executive Succession plan

 

Majestic Wine, the UK's largest wine specialist, today announces that, with immediate effect, Steve Lewis is stepping down as Chief Executive and retiring from the Board.

 

Nigel Alldritt, Finance Director, will become Interim Chief Executive until a permanent replacement has been found. Nigel has extensive knowledge of the wine retailing industry and Majestic Wine, having served for 13 years on the Board with various responsibilities including Finance, IT and Logistics. Phil Wrigley, non-executive Chairman of Majestic Wine, will attend monthly operating board meetings in addition to his current responsibilities on an interim basis.

 

Majestic Wine is entering a crucial stage of its development during which the business intends to further capitalise on its core strengths; a nationwide store and distribution network, diverse and interesting product choice and exceptional customer service, to further develop a leading multichannel offer whilst continuing to grow its successful Commercial and Fine Wine sales channels.

 

This busy next phase will require leadership commitment and continuity and with Steve Lewis having already served 29 years in the business, 16 years on the Board and 6 years as Chief Executive, the Board has decided that now is the best time to clarify the timing of his succession.

 

A search for a permanent replacement Chief Executive has been initiated and a thorough review of potential candidates is underway. Further announcements will be made in due course.

 

Phil Wrigley, Majestic Wine Chairman said: "Steve has made a huge contribution to Majestic Wine during his time with the business. By combining his significant leadership and retailing skills with his determination, dedication and sheer hard work he successfully rose through the ranks from graduate trainee manager in our Clapham store to Chief Executive. He took the helm in 2008 in the midst of the credit crunch and subsequent recession and successfully steered the business through very difficult times. He leaves the business today in good shape, with sales up 41% and profit up 42% during his time as Chief Executive, and with the business well positioned for the next phase of its development. On behalf of the Board and all our colleagues at Majestic, I thank Steve for his outstanding contribution to the Company and I wish him well."

 

Steve Lewis, Chief Executive said: "It has been a privilege to have developed my career to date with Majestic Wine and I am proud to have played my part in its success over the years. I have enjoyed working with my colleagues in stores, logistics, head office and on the Board and I thank them all for supporting me with their passion for the business and for serving customers. I believe Majestic Wine is in great shape with a clear purpose - to inspire everyone to discover and explore the magic of wine. The business is entering a busy and exciting next phase and now is the right time to hand over to a new leader. I wish everyone at Majestic Wine all the best for the future."

 

 

 

 

 

For further information, please contact:

 

Majestic Wine PLC

Phil Wrigley, Chairman

Nigel Alldritt, Interim CEO

 

Tel: 01923 298 200

Buchanan

Charles Ryland

Gabriella Clinkard

Tel: 020 7466 5000

Investec

Patrick Robb

Carlton Nelson

David Anderson

Tel: 020 7597 5970

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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