POLAND: Stock Spirits Names New CEO As H1 Profit Grows

Stock Spirits has announced the appointment of a new Chief Executive, even as its first-half profit grew strongly.

The troubled vodka maker has said Miroslaw Stachowicz as its permanent CEO, four months after he was named Interim CEO.  Stachowicz now formally replaces Chris Heath, who was ousted as CEO by Western Gate Private Investments, which has a significant stake in Stock Spirits.

Western Gate, which has a 9.7% stake in the company, is the private family office of Portuguese businessman Luis Amaral.  The latter is also the CEO of Eurocash, Stock Spirits’ biggest customer in Poland. In April, the vehicle had said it “strongly supported” Stachowicz’s appointment.

Meanwhile, for the six months to 30 June, underlying EBITDA surged up 65.7% to €17.9m, while operating more than double to €12.5m (from 5.2m last year). Meanwhile, revenues were up 7% to €116m. The group said it had also recorded increases in volume, helped by an improved vodka market in Poland.