Endeavour Group interim chair Duncan Makeig has addressed shareholder ire over the company’s recent performance.
During its 2025 annual general meeting this week he assured attendees that the implementation of the company’s refreshed business strategy would deliver its next phase of growth.
“I acknowledge that the time required to secure a permanent CEO and our share price performance created frustration for shareholders,” he said.
“I’m confident, however, that the milestones we have delivered this year will position Endeavour for its next phase of growth and value creation.”
Makeig said FY25 had been a year of significant transformation for the company as it “navigated a challenging macroeconomic environment and managed changes to both our Executive Leadership Team and the Board”.
He said new CEO Jayne Hrdlicka, who will commence full-time in the role on 1 January 2026, was “an exceptional business leader with a track record of driving transformational change and delivering improved business performance”.
“The Board has absolute confidence that Jayne is the right leader to unlock Endeavour’s significant potential and accelerate our growth,” he said.
Hrdlicka is currently consulting two days a week to the Endeavour Group Board and senior management team and Makeig said “we are already benefiting from her strategic insights and fresh perspective”.
Kate Beattie is acting as interim CEO until Hrdlicka’s commencement. Beattie has been with Endeavour for eight years, most recently as Chief Financial Officer. Group Deputy Chief Financial Officer Tali Ross has assumed the CFO role on an interim basis.
BWS is also transitioning to a new Managing Director, with Jeanette Fenske joining in January. Current MD Scott Davidson announced his intention to stand down as BWS Managing Director in June.
Additionally, Endeavour Group has been without a permanent Chair since Ari Mervis resigned in August 2025, as both an executive and a Director.
“Since being appointed as interim Chairman in August, I have been actively leading the Board’s process to appoint additional Non-executive Directors and our search for a new Independent Chairman, with the intention of having this leadership in place by early 2026,” Makeig said.
Endeavour Group announced earlier this month that Dan Murphy’s Managing Director Agi Pfeiffer-Smith and four other senior executives were stepping down.
Benjamin Ward has been appointed to replace Pfeiffer-Smith, effective 27 January 2026. He joins Endeavour Group from Super Retail Group where he was Managing Director of Supercheap Auto.
Additionally, Catriona Larritt has been appointed to the newly created role of Chief Customer Officer. This position will integrate Marketing, Customer Insights, Digital, eCommerce, Data & AI and Loyalty. Larritt will join Endeavour Group on 27 January 2026 from Qantas, where she was Chief Customer and Digital Officer.
Brendan Sweeney, most recently at Catch, will join Larritt’s team as Chief Digital and Data Officer following Claire Smith’s decision to leave Endeavour Group.
Additionally BHP’s Jill Henderson has been appointed Chief Legal Officer following Peter Atkin’s decision to leave Endeavour Group.
“Looking forward, I’m optimistic about Endeavour’s outlook. The Board is focused on simplifying our business, leveraging our unique portfolio of assets and licences, and maintaining the highest governance standards to unlock growth and drive strong returns on invested capital,” Makeig said.
Endeavour Group avoids first strike
Endeavour Group narrowly missed a first strike against its remuneration report at the AGM. There was a 21.43% vote against the remuneration report, just short of the 25 per cent needed to trigger a first strike.
The “two strikes rule” is an Australian legislative measure designed to enhance accountability among corporate directors regarding executive compensation. Established in 2011, this rule allows shareholders to influence board decisions on executive salaries and bonuses by voting on the annual remuneration report. If more than 25% of shareholders reject this report, the company receives its first “strike.”
A second rejection in the following year triggers a spill meeting, where shareholders can elect new board members, excluding the managing director.
First quarter sees positive sales growth
Interim CEO Kate Beattie told the AGM that Endeavour Group’s retail business delivered sales of $2,499 million in Q1 of FY26, down 1.4%. Within this, combined sales for BWS and Dan Murphyʼs were down 1% versus the prior corresponding period.
However, following a soft start to FY26, she said the company’s retail sales trajectory improved with positive sales growth in
September, supported by targeted and well executed promotions during school holidays and footy finals season.
“Sales continued to be in growth in October and we were also very pleased to see our Voice of Customer scores continue to strengthen,’ she said.
In hotels sales of $592 million were up 4.4% versus first quarter F25, driven by growth across all four key drivers of food, bar, gaming, and accommodation.
“The Group’s strategy review which is being led by management, in consultation with Jayne Hrdlicka, and with a continuous feedback loop with the Board, is progressing well,” Beattie added.
“We are really encouraged by the early signs we’re seeing which reinforce the underlying strength and growth potential of the business and our brands. We look forward to bringing the outcome of the strategy review to the market in the first half of next calendar year.
“As we look ahead to the critical Christmas trading period, we remain firmly focused on delivering a fantastic festive and social event season for our customers and guests.
“In retail, we are determined to give Australians every reason to shop with us, with great service, the best value for money, largest range and more ways to shop, in-store or online. In our hotels, the event season is in full swing with spring racing
carnival just behind us, the Ashes series ahead of us and a summer full of live sport and music underpinned by great value food and beverage deals to look forward to.
“I’m pleased to say Christmas bookings are already very strong and we are expecting over 40,000 guests to come together to enjoy their festive celebrations with us.”