Naked Wines boss heads for the exit
Naked Wines surprised the City this morning after revealing the departure of its boss ahead of a major strategic shift in the business.
Rowan Gormley is stepping down as chief executive once the disposal of the group’s Majestic brand is complete and the crucial Christmas trading season is over.
Read more: Naked Wines sells wine dealer for £11.3m
Operating chief Nick Devlin will take over the post as the firm prepares “to enter the next chapter of growth” by targeting the US market.
The exit comes on the same day as Naked Wines has posted widening pre-tax losses.
Losses before tax hit £6.2m in the six months to 30 September, worsening from £5.1m in the same period a year earlier.
Revenue grew 16 per cent to £87.5m, with the US the largest and fastest growing market.
Following the imminent sale of Majestic and Lay and Wheeler, Naked Wines is building a management team for its new strategy of becoming “a single brand and pure-play online business”.
Explaining his departure, Gormley said: “I am a startup guy, and Nick is the perfect leader for the next chapter of growth”.
Read more: Losses widen at English winemaker Chapel Down
Retail analyst Nick Bubb said: “Today’s Naked Wines interims are overshadowed by the shock news that the well-regarded CEO Rowan Gormley is to step down after Christmas.”
He added: “Investors disappointed that this is happening so soon after the recent restructuring and the sale of Majestic Wine will be reassured, however, that the new CEO is going to be Nick Devlin, the COO and the architect of the success of Naked in the US.”