After what appeared to be an endless nightmare for Lark Distilling Co. (ASX: LRK), the liqueur company has finally appointed a new CEO–Satya Sharma–putting the final nail in the saga of former CEO Geoff Bainbridge who hastily stood down earlier in the year amid news of his illicit drug use.
Satya Sharma, who was global industry exec at another whiskey company, will take the reins from May 1, 2023. The appointment follows a global search process which identified Sharma as the candidate with the demonstrated experience to advance the Company’s growth and strategy.
Until May 1, the current interim Managing Director, Laura McBain, will continue to serve as interim CEO. Once Sharma takes over, she will remain on the Board as a Non-Executive Director.
Relieved at this new development, LARK Chair, David Dearie, said, “This is an exciting new phase in the growth of the Company. The Board has been working on CEO succession, and we are delighted to secure a CEO of Satya’s calibre and experience to lead the Company through its next phase of growth and expansion. According to IWSR data, William Grant &Sons have more than doubled its Asia Pacific sales over the last 5 years.”
Sharma’s appointment comes as a breather for the Company that has been battling the aftermath of Bainbridge’s chaos. In February this year, Bainbridge resigned after his coke consumption habits came to light (he initially claimed that he was being extorted). Though Sharma does not have big shoes to fill, he does have quite some work to do when it comes to rebuilding the whiskey giant’s image.
Currently, Sharma is the Regional Managing Director South East Asia and Australasia for Scottish whisky company William Grant & Sons Ltd. He also has a complementary role as member of the board for that company’s Branded Business Unit, which is responsible for the business’s brands globally. In this role, he has been instrumental in driving the momentum of William Grant & Sons portfolio across South East Asia and the broader Asia Pacific region and developing strong distributor relationships, growing brand equity. He launched the world’s first “The Distiller’s Library” concept, infusing a sense of luxury to the group.
Through his decade-long career with William Grant & Sons across Singapore, China, and the UK, Sharma donned multiple hats, from being appointed Head of Business Strategy & Development, Interim Finance Director APAC to Head of Commercial. Before working with William Grant & Sons Ltd, he was based in Australia, having completed his degree from Sydney, and held various roles with confectionary giant Campbell Arnott’s. Plus, he was a Senior Manager in Corporate Finance at Pitcher Partners.
Safe to say, Sharma brings a lot of experience to the table. As CEO, he will be paid an initial fixed remuneration (inclusive of salary, superannuation and salary sacrificed items) of $675,000 annually. With Christmas around the corner and a new CEO secured, Lark can finally close the Bainbridge chapter and raise its glass to a new (and hopefully controversy-free) year.
Alinda is a Business Reporter for The Sentiment
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