Australian Vintage reappoints Craig Garvin as CEO after May dismissal

AUSTRALIA – Australian wine company, Australian Vintage Ltd (AVG), has reappointed Craig Garvin as its CEO, just five months after his contract was terminated.  

Garvin, who previously held the position from November 2019 to May 2023, returns to lead the company behind well-known brands such as Tempus Two and McGuigan Wines. 

The decision to reinstate Garvin comes after an extensive external search for a new CEO.  

Australian Vintage chairman James Williamson expressed confidence in Garvin’s leadership abilities. “The new board of Australian Vintage is pleased to welcome Craig back to AVG. His appointment follows an external search that considered several exceptional candidates,” Williamson said.  

“After a thorough review of the circumstances and processes surrounding his departure in May, the board felt it was important for Craig to be involved in the search process.” 

Garvin’s dismissal in May was attributed to what the company described as conduct displaying a “lack of judgement” inconsistent with Australian Vintage’s values and the standards expected of its CEO.  

Following his departure, non-executive director Peter Perrin took over as acting CEO. 

However, Perrin stepped down in August after being diagnosed with cancer, and Williamson temporarily assumed the leadership role. 

Margaret Zabel, chair of Australian Vintage’s people, remuneration, and nomination committee, spoke positively about Garvin’s leadership track record.  

“Craig has demonstrated his ability to create an effective high-performing team, build a strong culture, and develop enduring relationships with customers and other stakeholders. He is the right person to take Australian Vintage forward,” Zabel said. 

Garvin’s return comes at a time when Australian Vintage is executing changes to improve its financial performance.  

In August, the company revealed a revised sales strategy aimed at enhancing revenue and reducing debt.  

This includes a share offer and asset sales, such as the cancellation of the lease on its Balranald vineyard, which contributed over 20 percent of its annual harvest, and the sale of its Lyndoch vineyard. 

Despite these challenges, Australian Vintage saw a slight revenue increase of 1 percent to A$261 million (US$175.7 million) in fiscal 2024.  

Its underlying earnings before interest and tax (EBITS) grew by 24 percent, and net profit after tax (NPATS) rose by 29 percent.  

However, the company reported a statutory net profit loss of A$93 million, marking a steep 2,421 percent decline from the previous year. 

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