US Spirits Company Eastside Distilling has announced that Steve Shum will step down from his role as the company’s interim CEO, effective immediately.
Shum has also resigned as chief financial officer, effective upon the filing of Eastside Distilling’s quarterly report, that is expected to be made on or before 14 November 2019.
Shum will be leaving to take on the position of CEO with another company, but will continue to consult with the management team and board as needed in t he future,
The company, which owns brands such as Redneck Riviera Whiskey, is currently running a process to fill the necessary management positions with an initial focus on the CEO role, considering both internal and external candidates.
“I would like to thank the entire team at Eastside, including the board and our shareholders, for the opportunity and support provided over the last few years,” said Shum.
He added: “I believe Eastside has created an incredible foundation over the past several years and is poised for tremendous success in the future. The entire Eastside team is strong, performing well, and I could not be more proud of their collective efforts to elevate the business to the next level.”
Paul Shoen, chairman of Eastside Distilling’s board of directors, said: “I want to thank Steve for his hard work and dedication to Eastside over the years and greatly appreciate his willingness to stay close to Eastside and assist us through this management transition.
“I also want to assure our shareholders that the board is running a process to fill the necessary management positions at Eastside, with our initial focus on the CEO role. We have both strong internal and external candidates that we are considering, and once we vet the candidates, will move quickly, but carefully, to fill the position to ensure that the company has solid leadership going forward.”
Earlier this year, Eastside Distilling acquired Azuñia Tequila from Intersect Beverage, in a deal worth approximately $14.7m to expand its range of products and operational assets. The company says it remains on track to deliver strong results in its third quarter from its recent Azuñia Tequila operations.
© FoodBev Media Ltd 2019