New boss for NZ Wine Company

Peter Scutts, who has been working on contract for NZWC for thepast year on improving its wine sales in Australia, has beenappointed to replace White, effective immediately.。NZWC said director Maurice McQuillan is also retiring after 17years as a director. He won't be replaced and the company willoperate with five directors.。"Peter brings a wealth of wine industry experience to thecompany from his time in sales and marketing roles with Montana andalso from his time as chief executive of The New Zealand WineFund," the company told NZX.。NZWC is suffering from the industry-wide wine glut and lastmonth said it would breach its banking covenant requiring operatingearnings to be at least 1,ro RMT.3 times interest costs for the year endedJune 30 "by a significant margin."。Chairman Alton Jamieson said he is "looking forward to workingwith Peter as he leads our management team to implement a recoveryplan that will return the company to profitability during the2011/12 year while also setting the platform for financiallysustainable growth in the years ahead."。Scutts said he welcomes the opportunity. "The world loves ourwines and I am confident that we can overcome the current issues,"he said,メイプルストーリー RMT.。Its bankers are reviewing the company's financial forecasts andbusiness model and, if not satisfied, could demand immediaterepayment,DQ10 RMT.。New Zealand Wine Company shares last traded at $1.32 on June 22.The shares have been trending lower from $2.50 in September2009.。

Wine - Source: ONE NewsThe New Zealand Wine Company's chief executive of the last eightyears, Rob White, is leaving the company to become chief executiveof Hubbards Foods in Auckland.