News Alert: Seth Kaufman Officially Named CEO At Vintage Wine Estates, Transitioning From Moët Hennessy
July 20, 2023Vintage Wine Estates has named current Moët Hennessy North America chief executive Seth Kaufman as its new president and CEO. The move confirms SND’s report of July 12, in which we revealed that Kaufman is departing Moët Hennessy North America and a strong possibility is that he would land at Vintage.
Kaufman will replace interim CEO Jon Moramarco at Vintage, which has recently been restructuring after seeing its share price fall from a high of $12.63 shortly after its $600 million IPO in June 2021 down to $0.85.
Kaufman has been president and CEO of Moët Hennessy North America, the $2.5 billion North American wine and spirits business of LVMH, for the past four years and is credited with driving high single-digit growth. He’ll now turn his attention to realigning the business at Vintage Wine Estates, as the California winemaker looks to reverse its fortunes.
Vintage Wine Estates executive chairman Pat Roney and lead independent director Paul Walsh said Kaufman takes the helm at a “critical juncture as we transition the organization to drive stronger earnings and cash flow, focus resources on key brands for growth, simplify the organization to improve productivity and strengthen our operating processes.”
Kaufman added that the company has “ample runway for growth as well as a very strong asset base in its wineries, tasting rooms, customer relationships, and digital marketing reach.”
Kaufman began his tenure as Moët Hennessy’s North American leader in January, 2020, joining the company from PepsiCo, where he held a series of marketing, sales, and management roles across a 19-year career. At Moët Hennessy he oversaw iconic brands like Hennessy Cognac, Moët & Chandon, Veuve Clicquot, Dom Pérignon, Krug, and Glenmorangie. He’ll now endeavor to drive a turnaround at Vintage, as it looks to rebound from its rocky start as a public company.—Daniel Marsteller
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