Stella David, one of the Scotch whisky industry’s highest-profile leaders, is to step down as chief executive of William Grant & Sons.
She will be succeeded by Simon Hunt, the family-owned distiller’s chief commercial officer, at the end of February.
Ms David, 52, joined the global spirits business in August 2009 and has piloted two major acquisitions. In 2010 Grant’s bought Tullamore Dew from Dublin-based C & C, selling on three liqueurs to Campari, and has since more than quadrupled case sales of the Irish whiskey. Then in September last year the group swooped to buy Edinburgh-based Drambuie from its founding Mackinnon family, severing the link dating back to 1745.
In Ms David’s reign, the group whose brands include the Glenfiddich and Balvenie single malts and Hendrick’s gin, has seen turnover rise from £598million in 2009 to £933m in 2014, and pre-tax profits climb from £129m to £176m.
Grant’s said Ms David had overseen impressive growth of the company’s award-winning portfolio of brands. “ She has decided it is now the time in her career to focus on building upon her existing portfolio of non-executive directorships.”
Ms David is already a non-executive at C&J Clark and HomeServe and spent seven year son the board at Nationwide Building Society.
In September William Grant reported a one per cent rise in pre-tax profits, in spite of turnover sliding by nearly 17 per cent after it reduced its distribution of third party brands to focus on its premium spirits portfolio. Turnover from the premium brands, however, grew by nine per cent.
The Dufftown-based distiller is run by the fifth generation of the founding Grant family which was named Scotland’s richest, worth an estimated £1.9bn, in last year’s Sunday Times Rich List.
Glenn Gordon, chairman of William Grant & Sons, said: “We are all very grateful for Stella’s enormous contribution to the business in recent years. In particular, she has brought an exceptional level of energy and drive to our business, while significantly enhancing the premiumness of our brands and their appeal to consumers. This has evidenced itself both in the company’s results and the overall progress of the business in terms of the depth of talent we are privileged to have and the amount of passion that is felt all over the company.”
Ms David said: “I am immensely proud of my time at William Grant & Sons and there is no doubt that there is a huge amount I am going to miss about the company. It has been an incredible journey, with a focus on building brands, planning for the long term, working with a talented array of people and very supportive family shareholders.”
Simon Hunt has been with William Grant & Sons since October 2007, initially as managing director, North America, and in April 2013 he was promoted to chief commercial officer. Mr Hunt will take over as chief executive on March 1 and Ms David will continue in an advisory capacity until the end of May.
Mr Hunt said: “I am delighted to be given the opportunity to lead the great team at William Grant & Sons and build on the strong momentum we have been achieving with our world class, premium brands.”
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