James Pennefather has been appointed the new chief executive of Chapel Down and will come on board on 1 February 2025.
The news has come at the same time the wine marker has seen its share prices climb back up from its sharp drop last month.
Pennefather brings more than 25 years of experience in the premium drinks sector, joining the wine producer from his role as CEO of The Lakes Distillery Company PLC, where he led the business’s sale to The Nyetimber Group earlier this year.
Prior to that, he held several senior leadership roles at William Grant & Sons and Diageo across the UK, Middle East, Africa and India.
Commenting on his appointment, Martin Glenn, chairman of Chapel Down 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.”
Pennefather replaces Andrew Carter, who left the business in September 2024 to join family-owned brewer Timothy Taylor & Co.
The announcement of Carter’s move came as the Tenterden wine producer published its half year results, which showed that sales revenue and profit had fallen in the six months ended 30 June.
The business’s pre-tax profits witnessed a 98% decline over first six months of 2024 to £40k, dropping from its 2023 figure of £2.4m.
This year also saw the business quashing plans to sell up after it concluded that ‘there were no transactions that would create superior long term shareholder value’, alongside grappling with a legal battle over a new £32m winery near Canterbury which it has since won.
Carter is not the only leader to depart the business, with both chief financial officer Rob Smith and non-executive director Stewart Gilliland having handed in their resignations.
After two years as CFO, Smith will depart the business in April 2025, continuing his role as a director and leading finance until the publication of Chapel Down’s full year results. The recruitment for his successor will commence shortly.
Chapel Down has now confirmed it has completed its 2024 harvest, with a tonnage estimate of 1,875 provided in October – a fall from 3,811t in 2023. Still, the company says that trading in the final quarter of 2024 ‘has been strong’ and the full year position remains in line with its expectations.
Pennefather added: “I am excited to be joining Chapel Down at such an important time in the Company’s growth story. 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.”
