Business

Mighty Craft CEO resigns

Mighty Craft has announced Mark Haysman has tendered his resignation as CEO and Managing Director effective on 3 July 2023 and as Director of the company effective immediately.

It follows Mighty Craft announcing a strategic review of the business last month.

Haysman said: “Mighty Craft has made significant progress on its expansion and diversification strategy over the past few years. This has left the company well-placed to become a leading player in the beer and premium spirits markets. This has been a very hard decision for me but it feels like the appropriate time to allow the Board to guide the company through its next phase.”

Non-Executive Chairman Chris Malcolm said: “On behalf of the Board of Mighty Craft, I would like wish Mark well in his future endeavours.”

The Board has appointed Jess Lyons as Acting Chief Executive Officer.

Mighty Craft’s assets include a 37% stake in Better Beer, founded in 2021 by two comedians known as The Inspired Unemployed. It also has investments in brands including Kangaroo Island Spirits and Adelaide Hills Distillery, which owns Mismatch Brewing.

Strategic review announcement

The company announced a strategic review of its operations last month, following Chris Malcolm joining its Board of Directors – as Non-Executive Chair – on 25 May 2023.

Along with recent appointments of Katie McNamara and Trevor O’Hoy as Non-Executive Directors during April (and Sean Ebert in July 2021), Mighty Craft said the appointment of Malcolm would set the Board up with the right skillset to lead the company through its next stage.

Malcolm currently serves as Chair of several companies including Whipper Snapper Distillery and previously served as executive Chair of Lark Whisky (previously Australian Whisky Holdings where he was CEO).

Malcom was also founding investor and Director of Topshelf International.

Malcolm’s appointment saw John Hood step down as Interim Chair – retiring from Mighty Craft’s Board of Directors entirely – effective 25 May 2023.

The final stage of the board renewal process was the departure of Dan Wales – Mighty Craft’s co-founder – from the board, effective 30 June 2023.

In response to feedback from several large shareholders and in conjunction with the Board renewal process, Mighty Craft said it would undertake a formal strategic review of the business.

The review includes the following workstreams:

  • The need to reduce the debt load on the company in the short and medium term
  • The need to assess possible further / larger divestments to return capital to the busines and realise value for shareholders
  • The need to assess the right structure for the business going forward, including its corporate overhead in light of current challenging market conditions

Malcolm said: “Along with the new Board and management team I have spent a lot of time listening to key stakeholders and discussing the future structure for the Mighty Craft business. While there are many positives, it is clear that the company needsa plan to realise more value for shareholders. The outcomes of the strategic review will take a few weeks and we will keep the market appraised of developments.”

Better Beer eyes $20m capital raise

Processing…
Success! You're on the list.


Categories: Business