Naked Wines PLC (AIM:WINE, OTCQX:NWINF) today announced that Nick Devlin has stepped down as chief executive of the AIM-listed wine subscription company with immediate effect.
His resignation was announced in tandem with the group’s interim trading statement, which noted a 20% year-on-year decline in US sales, causing a downward revision in full-year sales.
Founder and chairman Rowan Gormley will take the role of executive chairman on an interim basis until a successor is appointed.
Devlin will continue in the role of president of Naked Wines US through the peak trading period before leaving the group fully.
Naked Wines has already initiated the process to appoint a permanent chief executive.
“I am sad to see Nick go, but his legacy remains,” said Gormley.
“Naked Wines revenue has grown 50% since he took the CEO role, and Nick leaves with a lot of the hard turnaround work completed, including testing some exciting improvements to our customer proposition, which we are testing at scale right now.
“He goes with our best wishes."