Chapel Down: Winemaker toasts new CEO as finance chief resigns
Chapel Down has named James Pennefather as its new chief executive while its finance head has resigned after a challenging year for England’s biggest winemaker.
The London-listed firm said on Friday that Pennefather will take up the CEO post on 1 February, replacing Andrew Carter – who resigned in September as the firm reported a sharp fall in half-year profit. Carter is leaving to run Yorkshire regional brewer Timothy Taylor.
Pennefather has worked in the premium drinks industry for more than 25 years, most recently as CEO of The Lakes Distillery. He oversaw its sale to English sparkling winemaker Nyetimber for £71m in June.
Pennefather’s appointment was announced alongside two departures from Chapel Down’s board.
Rob Smith has resigned as chief financial officer after two years in the role. He is due to leave Chapel Down around April, and the firm said it would shortly begin recruitment for his successor.
Smith oversaw Chapel Down’s admission to London’s junior AIM stock market last December. Its share price has tumbled 38 per cent since then.
The stock nosedived as much as 20 per cent in a single day in October after Chapel Down downgraded its sales outlook and said it would remain independent after putting itself up for sale over the summer.
English winemakers have struggled with one of the worst harvests on record this year. In September, Chapel Down reported its pretax profit had plunged to £40,000 in the first half of 2024 from £2.4m in the same period last year.
Stewart Gilliland has also resigned from the board after three years as a non-executive director.
Elsewhere, the firm said on Friday that trading had been “strong” in the final quarter of the year, with the 2024 harvest successfully completed and in line with previously announced tonnage.
Pennefather said he is joining Chapel Down “at such an important time in the company’s growth story”. His previous roles include senior positions at William Grant & Sons and Diageo.
Martin Glenn, the firm’s chair, added: “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.”