MGPI - MGP Ingredients Announces CEO Retirement and Succession Plan | Benzinga
David Colo to retire at year end;
David Bratcher promoted to CEO and President as of January 1, 2024
ATCHISON, Kan., Nov. 02, 2023 (GLOBE NEWSWIRE) -- MGP Ingredients, Inc. (NASDAQ:MGPI), a leading provider of distilled spirits, branded spirits, and food ingredient solutions, announced today that David Colo will retire from his role as Chief Executive Officer and President of MGP, effective December 31, 2023. The Board of Directors has elected David Bratcher, MGP's Chief Operating Officer and President of Branded Spirits, as its next Chief Executive Officer and President, effective January 1, 2024. Mr. Colo will remain with MGP through April 2024, serving in an advisory role to facilitate a smooth transition.
Mr. Colo will also resign from the Board of Directors effective December 31, 2023, and the Board has nominated Mr. Bratcher for election as a Class B director effective January 1, 2024, subject to preferred stockholder approval.
Colo and Bratcher have worked closely together for more than two years since the successful merger and integration of MGP with branded spirits company Luxco, Inc. Since becoming the CEO and President of MGP in May 2020, Colo has led the Company through consistent growth and record results, while also establishing a strong foundation for future sustainable growth. Bratcher's appointment is a reflection of the Company's deliberate succession planning.
Bratcher is a longtime beverage alcohol industry veteran and executive. He joined MGP following the Company's April 2021 merger with Luxco, Inc. and since then has served as COO and President of Branded Spirits, roles in which he has worked hand in hand with Colo and the rest of the MGP management team to manage the overall MGP business, as well as directly overseeing the Company's extensive and award-winning branded spirits portfolio. Prior to the ...