Panache Beverages appoints new CFO

Panache Beverages has appointed a new chief financial officer following the resignation of three key board members last month.

Panache Beverages will continue to introduce new spirit lines at its Florida distillery, despite personnel setbacks

Thomas G. Smith, formerly CFO of distribution group Newport International, has joined Panache effective 29 April, based at the group’s recently-acquired Florida distillery.

Michael Romer, interim president and CEO of Panache Beverage, said: “We are pleased that we were able to find a candidate that is experienced in public company financial matters and who will be able to work in the Florida facility.”

Three key board members, including the group’s CEO and president James Dale, COO Agata Podedworny and vice president of sales Sjoerd de Jong, resigned from their positions last week after the group’s lender, Consilium Investment Management, terminated its financial advisory agreement with the company.

Romer was appointed interim president and CEO until a suitable replacement could be found.

Separately, Panache has announced the launch of moonshine brand Old South Shine, created specifically for Premier Beverage in Florida. The brand, which joins Alibi American whiskey, Wodka Vodka and the Old Grumpy Bastard range of spirits in the group’s portfolio, will roll out to additional markets “in the near future”.

Panache is in the process of doubling its existing bottling capacity at its Florida facility with a second bottling line, expanding its maximum capacity to 1 million cases per year.