Stocks Spirits chairman Jack Keenan retiresBy Amy Hopkins
Jack Keenan is to retire as chairman and non-executive board member of Central and Eastern European spirits producer Stock Spirits next month.
Keenan, who joined the group in 2008 and guided it to become one of largest spirits producers in Central and Eastern Europe, will retire at Stock Spirits’ forthcoming AGM on 19 May.
Previously, Keenan, 79, has sat on the boards of Diageo, Moët Hennessy, Body Shop and Marks and Spencer.
He will be succeeded as non-executive chairman by David Maloney, who is currently the group’s senior independent non-executive director.
“Having joined Stock in 2008 and been part of its transformation into a listed company, I now feel that the time is right to step down as chairman,” said Keenan.
“I leave the company in the very capable hands of David Maloney. I wish everybody at Stock Spirits well for the future.”
Chris Heath, CEO of Stock Spirits, added: “I would like to thank Jack for his guidance and support throughout a period of rapid growth for Stock Spirits during which the company successfully transitioned from private to public ownership.”
Stock Spirits became a public company after floating on the London stock market in 2013, planning to raise £52 million by selling at least a quarter of its shares.
The company has struggled against tax hikes in Poland – its largest market – in recent years, and recently revealed that its full-year 2014/15 financial results could be between €5m and €10m below expectations.
Earlier this month, Drambuie’s former CEO Michael Kennedy was recruited by Stock Spirits to become the managing director of its Italian and international business.