Craig Garvin, newly re-appointed as CEO at Australian Vintage

Australian Vintage Limited (trading as AVG) announced this morning that it has re-appointed Craig Garvin as chief executive officer, after he was let go from the company in May for displaying what the board at the time described as a “lack of judgement”.

The board of directors which re-appointed Garvin is different entirely from the board which dismissed him earlier this year.

Richard Davis and Naseema Sparks left the board of directors in July, followed by Peter Perrin and John Davies in August. Perrin, who had been serving as acting CEO, explained his departure was related to a recent cancer diagnosis.

Margaret Zabel joined the board of directors in July, followed by James Williamson, Elaine Teh and Michael Byrne in August.

Williamson joined the board as interim chair and a non-executive director. He is the chief investment officer of Wentworth Williamson, a substantial shareholder of AVG.

Garvin’s appointment as CEO will be effective as of Monday 14 October, and remuneration for the position will be $600,000 per annum—a drop from the $712,941 figure stated in Australian Vintage’s annual report for 2023.

“The new Board of Australian Vintage is pleased to welcome Craig back to AVG,” said chairman James Williamson in a statement released to the Australian securities exchange (ASX) today.

“His appointment follows an external search that considered a number of exceptional candidates. After a thorough review of the circumstances and processes surrounding his departure from Australian Vintage in May, the board felt it was important for Craig to be involved in the search process,”.

“Craig’s track record at AVG, his leadership style and deep understanding of our industry and our partners make him the right person to lead the company. He is a respected and well-liked leader who successfully left the change at AVG in a challenging environment. This included the development and implementation of the company’s five-year strategic plan, which transformed the company into a consumer-led business with a commitment to innovation.”

“His appointment, after a difficult period for the company, highlights the board’s laser-like focus on restoring shareholder value.”

“Craig’s appointment positions us to strengthen the company and take advantage of opportunities in Australia and international markets,” Williamson said.

Garvin held the position of CEO at Australian Vintage from November 2019 to May 2024. He was previously CEO at dairy manufacturer Parmalat for nearly a decade.

Margaret Zabel, who is chair of the board’s people, remuneration and nomination committee, expressed her enthusiasm at Garvin’s re-appointment.

“Craig has demonstrated his ability to create an effective high-performing team, build a string culture, and develop enduring relationships with customers and other stakeholders.”

“He is the right person to take Australian Vintage forward, and we are looking forward to working with him to create value for our shareholders to deliver great wine brands to our customers,” Zabel said.

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