“Timing is right” – Splash Beverage founder, CEO steps down

Robert Nistico, the founder, CEO and president of Splash Beverage Group has resigned from his enforcement positions astatine the company.

He volition "transition retired of the CEO role" by Friday (14 November), a connection from the Pulpoloco Sangria shaper said.

Nistico remains connected the board, "collaborating connected peculiar projects wrong the beverage sector”, Splash Beverage added.

Bill Caple, who has been a committee subordinate for much than 2 years, has been appointed chairman, portion institution president William Meissner volition presume "additional responsibilities" arsenic the committee searches for a caller CEO.

Commenting connected the news, Nistico said: “The timing is close for caller enactment to transportation Splash forward, and I person afloat assurance successful Bill Caple and the reenergised committee arsenic we usher the institution into its adjacent chapter.”

Florida-based Splash Beverage said Caple “combines heavy capital-markets penetration with hands-on experience, and a beardown inheritance successful guiding growth-oriented companies”.

Reflecting connected Nistico’s tenure, Caple said: “Under his [Nistico’s] direction, Splash completed a palmy IPO successful 2020, uplisted to the NYSE successful 2021, and navigated respective dynamic years of maturation and expansion.

“The institution has present emerged from a precise challenging play good positioned for its broader adjacent signifier of development.”

For the six months to 30 June, Splash Beverage posted nett revenues of $438,272, down 83% twelvemonth connected year.

Operating losses narrowed to $3.6m from $6.9m successful the prior-year period. However, nett nonaccomplishment for the six-month play widened to $12.1m from $9.9m.

Caple added that the committee would present beryllium focused "on accelerating strategical acquisitions beyond conscionable beverage and driving semipermanent shareholder value”.

The displacement astatine the apical follows the illness of Splash’s bid to get JEM Beverage Management Company, proprietor of Western Son.

Splash Beverage signed a missive of intent for the woody successful September 2023, aboriginal revising presumption successful February 2024 to what it described arsenic “primarily a stock-for-equity transaction” aft initially pursuing a “majority cash-based acquisition”.

The deal, expected to adjacent successful the archetypal quarter, yet did not complete.

Last month, Sazerac acquired Western Son for an undisclosed amount.

"“Timing is right” – Splash Beverage founder, CEO steps down" was primitively created and published by Just Drinks, a GlobalData owned brand.

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