Endeavour Group has announced that Bruce Mathieson Jr is stepping down as Managing Director of Hotels to pursue other interests.
The Mathieson family are major shareholders in Endeavour Group. Mathieson’s father, Bruce Mathieson Sr is a member of The List – Australia’s Richest 250 has enjoyed the 20-year business relationship with Woolworths, which started as a joint venture after he and former Woolies boss Roger Corbett met at the 2000 Sydney Olympics.
Last month he spent $55 million buying 8.4 million shares in Endeavour Group, bringing his total stake in the company to 15% (up 0.4%).
Endeavour Group Managing Director & CEO Steve Donohue (above) said Mathieson had decided now is the right time to step down and take a break, following h is enormous contribution to the success of the Hotels business since taking on the role of CEO of ALH Group in 2011.
“Bruce has been instrumental in leading the Hotels business through a significant period, which has included the successful completion of the merger of ALH Group with Endeavour Drinks to create Endeavour Group in July 2019, the demerger of Endeavour Group and Woolworths in June of this year, and navigating the impacts of the COVID-19 pandemic,” Donohue said.
“During his time with ALH, Bruce has significantly grown the business from 200 to 341 hotels (including five managed clubs), and has spearheaded several large transformation initiatives, including the rollout of new technology led innovation to enhance the customer experience across our Hotels portfolio. Bruce’s expertise and unwavering commitment has been of immense value to Endeavour Group and he leaves the Hotel business in a strong position as it enters the next exciting phase of growth.”
In June, Mathieson Sr played down concerns that he might sell part or all of his stake in Endeavour. He told The Australian: “You’ll have to watch this space but I want to be clear that I think hospitality has an enormous long-term future and I want to be part of it. It is my life and I have no other investment that I want to put my money into.
“There is property, restricted licences and it is a commodity that people across the world want to be a part of, liquor and gambling. “I am more than a believer in this industry.”
Donohue said a recruitment process will commence to find a suitable replacement for Mathieson, who will continue in the role until his departure in December this year.