MGP Ingredients, Inc. (NASDAQ: MGPI) has just announced significant changes in its executive and board leadership. Brandon Gall, the company's Chief Financial Officer, has been appointed as the interim President and Chief Executive Officer effective January 1, 2025, succeeding David Bratcher, who will be resigning from the board of directors on December 31, 2024.
Donn Lux, a current board member, will succeed Karen Seaberg as the Chairman of the Board. Lux, who has decades of branded spirits experience, will lead the board in the search for a permanent CEO, considering both internal and external candidates to drive dynamic growth and elevate the performance of the company's branded spirits portfolio.
The company reaffirmed its 2024 sales and adjusted earnings guidance, with full-year 2024 capital expenditures expected to be approximately $72 million, down from prior expectations of $78 million. This adjustment is due in part to unexpected delays in the construction of the Ingredient Solutions segment’s mini-fuel plant.
MGP Ingredients, Inc. is a leading producer of premium branded and distilled spirits, as well as food ingredient solutions. The company's offerings include bourbon and rye whiskeys, gins, and vodkas, catering to customers of all sizes, from craft to multinational brands. The company's branded spirits portfolio covers a wide spectrum of brands in every segment, including iconic brands from Luxco, a leading producer, supplier, importer, and bottler of beverage alcohol products.
Luxco is known for its award-winning spirits portfolio, including well-known brands from four distilleries. The company's innovative and high-quality brand portfolio also includes Everclear grain alcohol, Pearl vodka, Green Hat gin, Saint Brendan’s Irish Cream, The Quiet Man Irish whiskey, and other well-recognized brands.
MGP's Ingredient Solutions segment offers specialty proteins and starches that help customers harness the power of plants and provide functional, nutritional, and sensory benefits for a wide range of food products.
The company expects to announce its fourth-quarter and full-year 2024 financial results and provide 2025 financial guidance in late February 2025, as customary.
Brandon Gall, who joined the company in 2012 and has served as the CFO since April 2019, expressed his commitment to ensuring continuity and driving forward the company's strategic initiatives during this transitional period.
Lux, who served as President and CEO of Luxco, Inc. from 1991 until March 2021, brings with him a wealth of experience in the branded beverage and alcohol industry, positioning him to guide MGP Ingredients, Inc. towards becoming a premier branded spirits company.
The company's dedication to unlocking the creative potential of American grain is evident in its people, products, and history, as it remains devoted to the transformation of American grain into premium products.
MGP Ingredients, Inc. looks ahead to the next phase of growth and aims to emerge even stronger as a leading player in the branded spirits industry, under the new leadership and with a reaffirmed commitment to excellence. Following these announcements, the company's shares moved -4.4%, and are now trading at a price of $39.94. Check out the company's full 8-K submission here.
