LUXEMBERG – Amber Beverage Group (ABG) has announced the departure of CEO Jekaterina Stuge in a ‘mutual agreement’ following collaborative discussions between her and the spirits company’s ownership.
ABG, a division of SPI Group known for producing Stoli Vodka and Kah Tequila, revealed the immediate resignation of Stuge on January 30, 2024.
To fill the leadership vacuum, ABG has appointed its Chief Legal Officer, Arturs Evarts, as the acting CEO until a permanent successor is identified.
The company highlighted Evarts’ pivotal role in strategy and comprehensive insight into all aspects of the group’s operations.
The company said in a statement, “ABG welcomes the support of its stakeholders and are confident that, under Arturs Evart’s leadership, it will continue to thrive while it undertakes a thorough process to identify the most appropriate candidate for the CEO position.”
The company acknowledged Stuge’s nearly decade-long contribution, during which ABG underwent a transformative era marked by strategic foresight and expansion-focused initiatives.
Reflecting on her tenure, Stuge stated, “I am proud of what we have been able to achieve, transforming the company from being a local, pan-Baltic business into a global industry leader representing over 1,400 different brands across 70 international markets. I am confident that the company will continue to build on its decade of success.”
In the nine months ending on September 30, 2023, ABG’s net revenue experienced a 3 percent decline to US$263.8 million. The company attributed this decrease to lower production volumes, a slowdown in key markets including the US, UK, and Australia, along with the divestment of Russian spirits company Amber Permalko in the previous year.
Gross profits decreased from US$78.65 million to US$73.75 million, and operating profits fell from US$20.80 million to US15.01 million. ABG cited various factors, including macroeconomic and geopolitical changes, instability in energy resource prices, labor market shifts, and the surge of inflation, as contributors to the year-on-year losses.
Despite the financial challenges, ABG’s total liabilities for the period decreased from US$289.15 million in 2022 to US$281.65 million in the corresponding period of 2023.
Headquartered in Luxembourg, ABG’s diverse portfolio includes renowned brands such as Rooster Rojo Tequila, Kah Tequila, Moskovskaya Vodka, and Riga Black Balsam.
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