Fresh Vine Wine Announces New Chief Executive Officer to Drive Growth
Fresh Vine Wine, Inc. (NYSE American: VINE) announced the appointment of Roger Cockroft as its new Chief Executive Officer, effective April 25, 2023. Cockroft brings extensive experience in business transformation and financial management, having previously tripled revenue at MDC Vacuum Products and founded multiple successful startups. His leadership is expected to foster growth and enhance operational efficiencies at Fresh Vine Wine, a producer of premium wines characterized by lower carb and calorie content.
The company sees significant potential for expansion in the Better-for-You wine category, supported by celebrity endorsements and an established retail presence. Current interim CEO Rick Nechio will return to focus on sales development after Cockroft's appointment. The leadership transition aims to unlock Fresh Vine Wine’s potential and enhance shareholder value amidst a growing market.
- Roger Cockroft appointed as CEO, with a strong track record in business transformation.
- Potential for rapid expansion in the Better-for-You wine market.
- Celebrity endorsements from Nina Dobrev and Julianne Hough supporting brand awareness.
- None.
Roger Cockroft Joins Firm; Accomplished Executive has an Extensive Track Record of Successful Business Transformation and Value Creation
MINNEAPOLIS, April 25, 2023 (GLOBE NEWSWIRE) -- Fresh Vine Wine, Inc. (NYSE American: VINE), the premier producer of premium lower carb, lower sugar, and lower calorie wines in the United States, today announced that its Board of Director has appointed Roger Cockroft as its new Chief Executive Officer.
Michael D. Pruitt, Chairman of the Board of Directors, said, “The Board is extremely pleased to welcome someone of Roger’s accomplishments as our new Chief Executive Officer. The Board considered several highly qualified candidates for the position, and throughout the process it became clear that Roger was the kind of hands-on professional leader, with extensive experience managing business transformations, that we need to unlock Fresh Vine Wine’s full potential. Throughout his career he has achieved large-scale change and meaningfully improved financial results through both revenue growth and improvements in operational efficiency. And, with his experience in private equity, Roger also has a strong grasp on financial management and the capital markets. His long track record of success has us confident Roger will be able to build on the progress achieved to date and leverage our national, online and retail franchise to create value for our shareholders.”
Mr. Pruitt added, “The Board also wants to recognize and thank Rick Nechio, who has served admirably as Interim Chief Executive Officer for the past six months, for his willingness to fill this role during the transition. We are very pleased that Rick will be remaining with Fresh Vine, returning to his preferred role as head of sales development.”
Roger Cockroft commented, “I am truly looking forward to my new role at Fresh Vine Wine, and I want to thank the Board for their confidence. Since its inception just a few short years ago, Fresh Vine Wine has made tremendous progress building a national footprint with both national and regional big box retailers and grocers, as well as in direct-to-consumer (DTC) and online. The product is exceptional, having earned numerous awards at prestigious wine competitions across the country. We are in a big, fast-growing food and beverage category, Better-for-You, with significant opportunity, supported by Nina Dobrev and Julianne Hough, who were instrumental in developing the brand and bringing Tier 1 awareness to it. Consequently, I believe Fresh Vine Wine is in an enviable position to achieve rapid expansion and significantly penetrate underserved markets. I look forward to working with Rick, Jamey Whetstone, and the rest of the team to build on the existing platform to drive further growth and generate the attractive returns deserved of such a strong franchise.”
Rick Nechio, previously interim CEO, concluded, “These are exciting times at Fresh Vine Wine, and we are thrilled that Roger has come on board to provide the experience and knowledge needed to drive the company to the next level. I am equally thrilled to now devote more time to our sales growth strategy, where I am truly excited by the market momentum we have achieved and the significant improvement in retail velocity that we saw in the first quarter. Those are strong indicators that consumer interest is strengthening behind our brand.”
Roger Cockroft is currently Executive Partner at Salt Creek Capital, a San Francisco Bay Area private equity firm acquiring profitable, lower middle market businesses across the U.S. He has operational responsibilities as Executive Board Member of Capital Building Maintenance, a fast-growing industrial service company, which is a Salt Creek portfolio company.
Prior to his involvement with Salt Creek, he was CEO and on the Board at MDC Vacuum Products, LLC, a multinational manufacturer of scientific and industrial products with locations in California, Florida, UK, France, and Germany, where over a period of three years he tripled revenue and increased EBITDA by over 7X. Mr. Cockroft also served as Chairman & CEO of Buhive Group, a successful business incubator that he founded, resulting in the start-up of nine separate businesses, three of which were successfully sold. He was also CEO & Founding owner of Farsund Aluminum Casting, with locations in Norway and Germany, a first-tier supplier of aluminum castings to the automotive industry, which he co-owned with Porsche AS. Mr. Cockroft was also previously VP of New Business at Constellation Energy and was Associate Director: Strategic Change & Performance Improvement at IBM Global Services. His career includes stints in public accounting with KPMG as well as other automotive industry assignments with Kostal (Germany, UK), Land Rover and Toyota.
Mr. Cockroft is a graduate of the MIT Sloan School of Management, where he obtained a Master of Business Administration, and has a B.S. in Industrial Information Technology from Birmingham City University, Birmingham, U.K.
Press contact – FreshVineWine@jonesworks.com
IR contact – Joeh@gregoryfca.com
About Fresh Vine Wine, Inc.
Fresh Vine Wine, Inc. (NYSE American: VINE) is a premier producer of lower carb, lower calorie premium wines in the United States. Fresh Vine Wine's brand vision is to lead the emerging natural and accessible premium wine category, as health trends continue to accelerate in the US marketplace. Fresh Vine Wine positions its core brand lineup as an affordable luxury, retailing between
Forward-Looking Statements
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