Duckhorn CEO Alex Ryan Retires, As Company Posts Full-Year Sales Of $400 Million

The Duckhorn Portfolio announced a change in leadership late yesterday, with CEO Alex Ryan retiring after a 35-year career with the company. The California winemaker has appointed board member and former Diageo North America CEO Deirdre Mahlan as interim CEO and initiated a search for Ryan’s permanent successor.

“Alex dedicated his professional life to growing our business, and he has now decided to step away to focus on family and personal matters, and offered to be available to the company to ensure a smooth transition,” said Duckhorn independent director Michelle Gloeckler, who will chair the CEO search committee.

In addition to the leadership announcement, Duckhorn revealed that net sales for its fiscal year through July totaled $403 million on 8.2% growth, with adjusted EBITDA rising 13.3% to $145 million. The company derived 68% of sales from its wholesale channel for the year, while its California direct-to-trade business accounted for 17% and its DTC sales took a 15% share.

Sales jumped 28% to $100 million in Duckhorn’s most recent quarter, boosted by 10.6% volume growth, “which lapped a robust 7.1% growth rate for the prior year period, supported by positive price/mix contribution of 17.7%,” according to the company. Higher sales of luxury label Kosta Browne helped drive the strong price/mix.

According to Impact Databank, top brand Decoy by Duckhorn increased 10% to 1.4 million cases in the U.S. last year. The brand continued to rise in IRI channels in the year-to-date through July 16, registering 5.6% volume growth. For its current fiscal year, Duckhorn is expecting sales to fall between $420 and $430 million, with adjusted EBITDA expected to tally $150-$155 million.

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