Accolade boss to step down ahead of IPO listing

30th August, 2016 by Arabella Mileham

Accolade boss Paul Schaafsma is to step down from the Australian wine company next year, a spokesman from its parent company has confirmed.

Paul Schaafsma is set to step down in 2017

Paul Schaafsma is set to step down from the Australian wine company in 2017

The news was rumoured by The Australian Financial review, who cited an internal memo claiming the Accolade boss would step down before the company floats on the stock exchange in 2017.

It was confirmed to db this morning.

Schaafsma, who has steered the company through major restructuring since he joined the company in 2012, announced to the board that he would not remain in the role at the conclusion of Champ’s ownership of the company, but agreed to stay on during its IPO listing in order to ensure succession planning was put in place. This will make sure the future of the company was not in doubt during potential talks with investors as its parent company gets ready to off-load the business.

Michael East, the general manager of its Australian and Asian business, has been confirmed as the new deputy chief executive, and will take on an increasing role in the business over the next few months in preparation of taking over when Schaafsma steps down.

db understands that the listing could take until June next year to be finalised and this would be ensure an “orderly, logical approach”.

“Paul will continue as CEO but during the time, Michael East will be getting more involved in areas not currently in his remit,” they said.

Schaafsma became CEO of the company, which includes some of the UK’s top wine brands, in October 2015 after three years as general manager of the UK, Ireland and Global Partners business. Prior to joining Accolade, he was the general manager UK and Europe of rival company Australian Vintage UK, which he joined in 2005.

East has been at Accolade since 2012 and is a former board member of the Winemaker Federation of Australia. In a thirty year career, he has worked for Fine Wine Partners, the Liquor Merchants Association of Australia, and Southcorp Wines since started his career in the industry at Pernod Ricard Australia in 1985.

Earlier this month the owner of the Australian wine company formally appointing Reunion Capital Partners as corporate advisors to investigate its options in an initial public offering on the Stock Exchange, signaling its intent to offload its majority interest in the company.

At the time a spokesman for Champ PE told db it was “very early days” in the listing process and that no decision had been made as to whether the company would be listed in London or in Australia.

The company has sales of Aus $1b (£483m) per annum and its brands include top selling brands in the UK, Hardys, Echo Falls, Kumala and Banrock Station, along with more recent acquisitions Viña Anakena from Chile and New Zealand’s Mud House.

 

Leave a Reply

Your email address will not be published. Required fields are marked *

Please note that comments are subject to our posting guidelines in accordance with the Defamation Act 2013. Posts containing swear words, discrimination, offensive language and libellous or defamatory comments will not be approved.

Subscribe to our newsletters

Job vacancies

Sales Account Manager

Jascots Wine Merchants
London, UK

Marylebone Sales Manager

Philglas & Swiggot
Marylebone, London, UK

Area Sales Manager

Bon Coeur Fine Wines
North England, UK

Procurement Assistant – Wine

Adnams PLC
Southwold, UK

Account Manager Central London

Speciality Drinks Ltd
London, UK

Brand Ambassador

Speciality Drinks Ltd
London, UK

National Business Development Manager

Speciality Drinks Ltd
London, UK

Marketing Assistant

Hatch Mansfield
Ascot, Berkshire, UK

Marketing Manager

Bancroft Wines
London, UK

Regional Sales Manager – Scotland

Bancroft Wines
London, UK

Sales Manager – London On-Trade

Bancroft Wines
London, UK

Customer Service & Sales Support Executive

Jascots Wine Merchants
London, UK

Market Insight Analyst

Conviviality PLC
London, UK

Technical Manager

Enotria&Coe
Park Royal, London, GB

The Global Sparkling Masters 2017

Deadline : 25th August 2017

The Global Malbec Masters 2017

Deadline : 25th August 2017

Global Chardonnay Masters 2017

Deadline : 1st September 2017

The Global Sauvignon Blanc Masters 2017

Deadline : 1st September 2017

Click to view more

The Global Rosé Masters 2017

With wines from the palest of pink to almost ruby red, bone dry to almost cloyingly sweet, reductively handled to barrel-aged, as well as gently spritzy to fully sparkling.

The Global Organic Masters 2017

The drinks business is thrilled to announce the launch of The Global Organic Masters

The Drinks Business Awards 2017

Now in its 15th year, the db awards have become the most authoritative, internationally respected badge of achievement in the alcoholic drinks industry.

The Asian Cabernet Sauvignon Masters 2017

the drinks business Hong Kong announces its first year of The Asian Cabernet Sauvignon Masters.

Click to view more