English winemaker Chapel Down has appointed James Pennefather as its next boss and hailed “strong” pre-Christmas sales.
Shares in the company fizzed higher in early trading on Friday as a result.
It told shareholders that Mr Pennefather, who was most recently the boss of The Lakes Distillery, will take over as chief executive in February next year.
He joins after completing the sale of The Lakes Distillery to Nyetimber earlier this year.
I look forward to leading the business as it pursues the next stage of transformational growth for customers and shareholders
The new boss will replace Andrew Carter in the top role, who will leave to take the reins at Timothy Taylor next year.
The appointment comes two months after Chapel Down abandoned potential plans to put itself up for sale and said its 2024 grape harvest had been dampened by wet weather.
Mr Pennefather said: “Chapel Down is the leading English winemaker and I look forward to leading the business as it pursues the next stage of transformational growth for customers and shareholders.
“Andrew leaves a strong legacy and I will be working closely with him and the Chapel Down management team to ensure a seamless transition.”
Martin Glenn, chairman of the group, said: “We are delighted to have appointed James, who is an outstanding business leader with deep experience in building premium drinks brands within emerging categories, developing strong customer relationships in the UK and globally and enhancing shareholder value.
“Chapel Down has made excellent progress as a business and a brand, and James is well placed to continue Chapel Down’s development and growth.”
Rob Smith also announced plans to step down as the group’s finance chief.
On Friday, the group told investors it has “successfully completed” its 2024 grape harvest, hailing its “excellent vintage quality”.
It added that “trading in the important final quarter of the year has been strong” and it is on track to meet board expectations for the year.
Shares were 7.7% higher in morning trading.
