The circumstances surrounding the departure from Gage Roads Brewing Co Ltd of co-founder and managing director, Peter Nolin, remain unclear almost a fortnight after his resignation.
The circumstances surrounding the departure from Gage Roads Brewing Co Ltd of co-founder and managing director, Peter Nolin, remain unclear almost a fortnight after his resignation.
While Gage Roads has told its investors that Mr Nolin’s resignation was in keeping with its succession plans, his departure has come as a surprise to some Gage Roads employees.
Among these is incoming chief executive Nick Hayler, who told WA Business News this week his appointment to the top job came 14 months earlier than he had anticipated.
Mr Nolin’s resignation last week came just two days after the departure of Gage Roads’ chairman Michael Perrott, fanning industry speculation of a boardroom rift.
Mr Perrott had been chairman for about 12 months and was overseas when he resigned.
WA Business News understands that Mr Nolin was also overseas when Mr Perrott quit and had only been in Perth for a few days before announcing his own resignation.
Mr Perrott told WA Business News he decided to leave Gage Roads after discussions with board members and learning the “views and the position people have taken as the company moves forward”.
He said Mr Nolin’s role within the company had been discussed and that he could understand the position taken by members of the Gage Roads board.
Mr Perrott, one of Perth’s most experienced directors and chairman of property group Port Bouvard Ltd, said he did not have the retail expertise to continue on as chairman.
Mr Perrott rebutted suggestions his resignation was linked to Mr Nolin’s circumstances, or that he was asked to resign by the Gage Roads board members John and Bill Hoedemaker.
“I can understand their position and I was neutral on that [Mr Nolin’s departure],” he said.
Mr Nolin founded Gage Roads alongside his former Sail and Anchor brewing colleague, Bill Hoedemaker, and Mr Hoedemaker’s brother John, to fulfil a long-held dream to develop a regional brewing company producing world-class beers.
Mr Nolin’s departure follows the major sell-down by one of its biggest shareholders, Acorn Capital, which abandoned its 8.65 per cent stake in the brewer.
Gage Roads listed on the stock market after raising $4 million via the issuing of 40-cent shares, however the share price has languished since listing in December.
John Hoedemaker, the company’s chief financial officer, denied there had been any boardroom rift.
“This is the direction the business and Peter [Nolin] have decided to take,” he said.
Mr Hoedemaker said while there had been no decision to change the direction of the business, the company did want to improve its communication with capital markets and stakeholders.
The company’s newly appointed chief executive officer, Mr Hayler, said his rapid elevation from marketing executive to the chief executive role had come as something of a surprise.
He was only recently promoted from marketing executive to the position of sales and marketing manager. Mr Nolin told WA Business News he could not comment on any discussions he had with the Hoedemakers prior to his resignation.
Mr Nolin, who remains a significant shareholder in the company, said that he had full confidence in the company.
“I am immensely proud of the job I did and I will always want the best for the company,” Mr Nolin said.
“Nick Hayler has my full confidence. I am looking forward to using my skills and what I’ve learnt as an entrepreneur and listing a company I founded in some new opportunities.”
Mr Hayler, a former Coca-Cola Amatil executive, said he had worked closely with Mr Nolin since he started with the company 14 months ago.
Mr Hayler said he had ambitions to take on the role as chief executive but that his move into the role was “14 months ahead of schedule”.
He planned to double the company’s sales and improve its communications with shareholders and the investment community in the next 12 months.
“We have an incredibly good lager and the business is tracking well,” Mr Hayler said.
“One of the things I need to do in the next 12 months is drive sales, the second is to improve the share price.
He said Gage Roads would need to seek additional funding to fulfil its growth plans but it was yet to be determined how much the company would raise, despite investors being told at its annual meeting last week that it would be in the order of about $2 million.
“It will be based on our revenue and on the projects we have planned,” Mr Hayler said.
