Jack Keenan to retire from Stock Spirits

Jack Keenan has announced he is to retire from Central and Eastern European spirits producer Stock Spirits next month.

Currently non-executive chairman, Keenan will retire from the Board of Directors at the company’s forthcoming AGM on 19 May. Keenan, 79, joined the Board as non-executive chairman in 2008 and led the group as it grew to become one of the largest spirits companies in Central and Eastern Europe. With vast experience in the drinks industry, Keenan had previously sat on the boards of Diageo, Moët Hennessy, Body Shop and Marks and Spencer.

David Maloney, currently the senior independent non-executive director (SID), will become non-executive chairman of the company at the AGM.

Commenting on his departure, Keenan said: “Having joined Stock in 2008 and been part of its transformation into a listed company, I now feel that the time is right to step down as Chairman. I leave the Company in the very capable hands of David Maloney. I wish everybody at Stock Spirits well for the future.”

Chris Heath chief executive officer added: “I would like to thank Jack for his guidance and support throughout a period of rapid growth for Stock Spirits during which the company successfully transitioned from private to public ownership.”

Stock Spirits became a public company after floating on the London stock market in 2013, with a plan to raise £52 million by selling at least a quarter of its shares. More recently the company has battled against tax hikes in Poland, its largest market, issuing a €10m profit shortfall warning for 2014/15 after a 15% alcohol duty hike created a “very tough” trading environment. Furthermore, earlier this year the company used its latest financial results announcement to reveal that €6 million of allegedly fraudulent payments had been made within its Polish business over the last five years.

Click here to read our in-depth interview with Jack Keenan, detailing his contribution to the drinks industry over the course of his career.

Jack Keenan’s career in drinks

• March 1996: retires as chairman of Kraft Foods International to join Grand Met’s board as executive director and CEO of International Distillers & Vintners.
• July 1996: begins discussions with Grand Met executives about merging IDV with either Seagram or Guinness.
• April 1997: Guinness agrees in principle to a merger of equals with Grand Met.
• December 1997: regulators approve the merger after the sale of Dewar’s whiskey and Bombay Sapphire gin to Bacardi in order to solve anti-trust issues raised in EU (Dewar’s) and US (Dewar’s and Bombay Sapphire).
• January 1998: the merged drinks business becomes United Distillers & Vintners with Keenan as CEO and Ivan Menezes in charge of the integration process.
• March 2000: seeks approval from Diageo management to join the auction for the Seagram global spirits and wine business. Seagram expresses concerns about Diageo anti-trust issues.
• June 2000: Keenan makes a phone call to Thierry Jacquillat the PDG of Pernod Ricard in order to create the partnership that will solve the anti-trust issues.
• March Quarter 2001: Seagram is acquired by Diageo and brands with anti-trust issues or other conflicts are sold to Pernod at pre-agreed prices.
• June Quarter 2001: Seagram is integrated into UDV and plans are made to add Guinness Brewing into what was briefly named Guinness UDV, but would become Diageo when Pillsbury and Burger King were sold.
  October 2001: Keenan reaches his 65th birthday and has to retire.
• November 2001: Keenan forms Grand Cru Consulting and announces several global drinks companies as clients.
• April 2008: Oaktree Capital Management hires Keenan to chair the Stock Spirits Group.
• October 2013: Stock Spirits launches an IPO and joins the FTSE. Keenan named independent non-executive chairman.