Rowan Gormley, the founder of the online wine retailer established in 2008, has stepped back into the role of non-executive chair and company director since November 2023 after a hiatus of over three years.
In the interim, senior independent director Deidre Runnette will take over as non-executive chair while the company seeks a successor to Gormley.
Runnette commented on Gormley’s departure, stating: “On behalf of the board, I wish to thank Rowan for his commitment and contribution to Naked over many years.”
“His leadership ensured Naked emerged from a challenging period in a healthy position and with a new and strengthened management team. We wish him every success for the future.”
Rodrigo Maza, CEO of Naked Wines, also expressed his thoughts: “Rowan’s knowledge and experience of the wine industry, and Naked as a business, has been instrumental in helping us stabilize the business and position ourselves for growth.”
“We are thankful for his leadership and guidance and are committed to realizing the potential of the amazing opportunity ahead.”
This announcement coincides with the launch of the firm’s new strategic plan earlier this month, less than a year since Naked Wines appointed Interpath Advisory as a debt advisor.
For the 52 weeks ending April 1, 2024, the firm reported a £16.3 million loss before tax, accompanied by a 13% decline in year-on-year revenue.
Despite these challenges, Naked Wines’ share price has shown resilience, recovering to 88.8p at the time of writing.
The strategic plan results from a thorough performance and financial review, targeting an annual EBITDA of £10 million to £15 million, fueled by £23 million in identified cost savings.
Maza explained the motivation behind this plan: “A year ago, I made a commitment to deliver real value to all our stakeholders. We now have a powerful plan that fulfills that promise as we deliver on FY25 guidance, even in challenging market conditions.”
“We will commence distributions, unlock capital from surplus inventory, enhance our offerings for our most valuable members, and innovate in attracting and retaining new customers.”
“I am deeply grateful to the team for their commitment and relentless hard work. Together, we are turning challenges into opportunities and paving the way for a bright future.”
