Naked Wines sees yet another director depart
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Naked Wines sees another new CEO leave as Justin Apthorp steps down after two decades on the group’s board
- Non-executive director Justin Apthorp has stepped down with immediate effect
- He spent 35 years with the group and 21 years on the board
- Apthorp’s departure is the latest in a string of bosses leaving the company
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Naked Wines has announced the departure of another executive as the online wine merchant battles to revive its fortunes.
The company told investors Thursday that non-executive director Justin Apthorp has stepped down effective immediately after 35 years with the group, including 21 on the board.
Apthorp’s departure is the latest in a string of bosses and directors leaving the company after a challenging 2022 in which it warned of “material uncertainty” about its ability to continue trading.
Apthorp’s departure is the latest in a string of bosses and directors leaving the company
The chief financial officer left during the summer, while another director, who also happened to be one of the largest investors, left in September after only three weeks on the job.
Their departures came as the company announced spending and staff cuts, and the replacement of its previous chairman in September, as part of an overhaul after seeing the company collapse over the past year.
It also brought back its founder Rowan Gormley as a board advisor ahead of the finalization of a new commercial strategy.
After seeing a surge in customers during the pandemic, Naked Wines spent a lot of money on advertising and building its wine inventory in anticipation of more sales growth, which never materialized.
Naked Wine’s overzealous expansion also left it struggling with the terms of a loan, which could only be accessed if the company hit certain growth metrics.
Commenting on Apthorp’s departure, Chairman David Stead said: ‘I would like to thank Justin for his dedicated service to the company, initially as an executive at Majestic Wine, then through his non-executive role as we reshaped the group and delivered significant growth. due to the pandemic.
“I wish him all the best for the future.”
Apthorp added: “It has been a privilege to watch this company evolve from a UK-focused, store-based retailer to an international online group leading the US direct-to-consumer wine market.
“I have every confidence in the company to continue to deliver its market-leading proposition to the benefit of wine drinkers, winemakers, employees and shareholders around the world.”
Naked Wines Stocks fell 0.9 percent to 135p in afternoon trading on Thursday. They have lost nearly 80 percent of their value in the past year.