US wine group The Duckhorn Portfolio has bolstered its board of directors with the appointments of two “seasoned C-suite executives”.
The development sees Tom Flocco and David Klein join the company, which was recently taken private following its acquisition in October by Butterfly Equity. The pair have previously held senior roles at Suntory Global Spirits and Constellation Brands, respectively.
Flocco’s (below) previous experience in beverage alcohol includes six years as CEO at SGS forebear Beam Inc, from 2003 to 2008. His tenure at the Jim Beam brand owner was followed in 2014 by Suntory’s takeover, for a price of US$16bn. Almost a year ago, the company was renamed Suntory Global Spirits.
Also joining Flocco is David Klein (below), who from 2015 to 2020 was Constellation’s CFO. Having been with the group for just over 14 years, Klein transitioned to head up Canadian cannabis producer Canopy Growth, in which Constellation had purchased a stake in 2018. Klein stepped down from the CEO role in January, nine months after Constellation dialled down its interest in Canopy.
“We are thrilled to welcome David and Tom to our board,” said Duckhorn CEO Robert Hanson. “I have had the pleasure of knowing and working with David for many years and look forward to partnering further with Tom. I have long admired their impressive business acumen, M&A experience and ability to drive transformative growth.
“As we enter this exciting new chapter, David and Tom’s guidance will be invaluable as we execute on our vision for long-term growth and leadership in the luxury wine category.”
Hanson is also ex-Constellation, becoming CEO of Duckhorn in January after just over 11 years with the group. The two companies were linked by a report this week claiming that Constellation is considering exiting the wine category with Duckhorn discussing purchasing some of the unwanted assets.
