MGP Ingredients, Inc., a prominent figure in the world of distilled spirits, branded spirits, and food ingredient solutions, has recently made significant leadership changes. David Colo, the company's Chief Executive Officer and President, is set to retire from his position, effective December 31, 2023. Simultaneously, the Board of Directors has chosen David Bratcher, the current Chief Operating Officer and President of Branded Spirits at MGP, as the next Chief Executive Officer and President, and his tenure will commence on January 1, 2024. Colo, however, will remain actively involved with MGP, serving in an advisory capacity until April 2024 to ensure a seamless transition.
Colo's retirement signifies the end of an era in MGP's leadership. He will also step down from the Board of Directors, with Bratcher nominated for election as a Class B director, subject to preferred stockholder approval.
This transition is not a sudden change; rather, it reflects a well-thought-out succession plan that has been underway for some time. The decision to appoint Bratcher as the new CEO comes after more than two years of close collaboration between Colo and Bratcher. This collaboration was particularly significant following the successful merger of MGP with Luxco, Inc. in April 2021. During Colo's tenure as CEO and President since May 2020, the company has experienced consistent growth and achieved record results, setting a strong foundation for sustainable growth in the future.
David Bratcher, who brings a wealth of experience in the beverage alcohol industry, has been with MGP since the Luxco merger in 2021. In his role as COO and President of Branded Spirits, Bratcher has been integral to managing MGP's overall business operations and overseeing their extensive portfolio of award-winning branded spirits.
Before joining MGP, Bratcher held various leadership roles at Luxco since 1998, including serving as Luxco's President starting in 2013. Prior to his tenure at Luxco, Bratcher worked in financial and operational roles at several consumer product companies, including international spirits giant Allied Domecq, which was one of the world's largest spirits companies at the time.
David Colo expressed his gratitude for the opportunity to work with the MGP Board and the dedicated employees who have contributed to the company's achievements over the past few years. He praised David Bratcher as a talented and capable leader who is well-suited to be MGP's next CEO.
Karen Seaberg, the Chairman of the Board of MGP, also extended her gratitude to David Colo for his leadership and service as an MGP Board member since 2015. She emphasized the Board's confidence in Bratcher's ability to lead the company and ensure a smooth transition.
David Bratcher, who is honored to step into his new role, commended the remarkable achievements of the MGP Board and employees during Colo's tenure. He expressed eagerness to work with the Board and the entire MGP team to continue advancing the business.
MGP Ingredients, Inc. is a significant player in the distillery industry, boasting a rich history dating back to 1941. Their diverse product offerings include bourbon and rye whiskeys, gins, and vodkas, catering to customers of all sizes, from craft distilleries to multinational brands. With distilleries in Kentucky, Indiana, and Kansas, as well as bottling operations in Missouri, Ohio, and Northern Ireland, MGP possesses the infrastructure and expertise to create spirits on any scale.
MGP is also known for its extensive portfolio of branded spirits, which encompasses a wide range of well-recognized brands. These brands have been cultivated through strategic mergers and acquisitions, such as the 2021 merger with Luxco, Inc., a producer, supplier, importer, and bottler of beverage alcohol products. Luxco's award-winning spirits portfolio includes popular brands from distilleries such as Lux Row Distillers, Limestone Branch Distillery, Destiladora González Lux, and the historic Ross & Squibb Distillery.
In addition to its spirits business, MGP's Ingredient Solutions segment offers specialty proteins and starches, providing a host of functional, nutritional, and sensory benefits for a wide range of food products.
The essence of MGP Ingredients lies in the transformation of American grains into something extraordinary, and the company is dedicated to unlocking the creative potential of this remarkable resource.
With these changes in leadership, MGP Ingredients, Inc. is poised to continue its journey of innovation and excellence in the world of spirits and food ingredient solutions under the capable leadership of David Bratcher.