Fever-Tree names new chair to head tonic water titan
Fever-Tree has appointed Domenic De Lorenzo to chair the tonic water giant.
De Lorenzo, will step into the role after the London-listed beverage maker’s annual general meeting in May 2023.
He is set to take up the reins from Bill Ronald, who was appointed as chair in 2013 and oversaw the company’s stock market listing debut the following year.
De Lorenzo has experience as a chartered accountant and has previously held the titles of chief financial officer and executive board director at brewing giant SABMiller.
“It is a privilege to take on the role of chair of Fever-Tree, a company that I am passionate about,” the incoming chair said.
He has had a non-executive director position on the Fever-Tree board since May 2018.
Shares in the firm tumbled two per cent on Monday morning but were flat when trading closed.
The London-based company has seen its share price take a hammering to the tune of 60 per cent over the past year to date.
In recent months, the drinks firm has admitted that its gross margins have been hit by “inflationary cost pressures and continued exposure to elevated Trans-Atlantic freight costs.”
In interim results in September, Fever-Tree posted an adjusted EBITDA of £22m, compared to £29.2m in the first half of 2021. This represented a tumble of almost 25 per cent.
However, sales hit £160.9m, an increase of 14 per cent, after pubs and bars showed “promising signs of recovery and demand remaining strong” after Covid restrictions were eased across different markets.
The business also experienced challenges due to a glass shortage earlier this year, which placed additional pressure on margins.