PORTLAND, Ore., April 24, 2020 /PRNewswire/ -- Eastside
Distilling, Inc. (NASDAQ: EAST) today announced the appointment of
Paul Block to the Company's Board of
Directors, effective April 20, 2020.
On April 24, 2020, Chairman of the
Board Paul Shoen tendered his resignation from the Board, effective
on that date. Upon his resignation, the Board of Directors
elected Mr. Block to serve as Chair of the Board.
Mr. Block is a seasoned Consumer Goods Executive with over three
decades of experience in driving profitable revenue growth, turning
around underperforming business and building sustainable high
performing stream of earnings for public corporations, corporate
divisions, and private equity owned portfolio companies. Mr. Block
is best known as a transformational leader with a strong record of
reinvigorating some of the world's best-known consumer brands and
accelerating earnings in underperforming enterprises.
Early in his career, and over a ten-year period, Mr. Block held
various positions at Miller Brewing Company in marketing, sales,
sales promotions, brand management and new product development
ultimately chairing Miller's Innovation Committee and developing
Miller Sharp's non-alcoholic beer.
He was then engaged by Guinness Import Company as Vice President of
Marketing to accelerate growth for the Guinness Stout, Bass Ale and
Pilsner Urquel Brands. During Block's three years at Guinness, the
company enjoyed over 30% revenue growth from organic sales and
acquisition. After Guinness, Mr. Block then served as Chief
Marketing Officer, and then VP/General Manager, of Allied Domecq's
Premium USA Spirits Division where
he led the acquisition, distribution, integration, and product
expansion for Stolichnaya Vodka. In addition, Block and his team,
led the turnaround of Courvoisier from -5% to +10% of sales,
repackaged and repositioned Beefeater Gin for accelerated growth to
younger consumers and led the USA
Premium Spirits Division growth as GM at +9% operating profit two
consecutive years
Later in his career, Mr. Block served as a Chief Executive
Officer for over 15 years at Sara Lee Coffee and Tea USA, Merisant Worldwide and SVP Worldwide. As
Chief Executive Officer of Sara Lee Coffee and Team, Block and the
team turned around operating performance in the first year at
+116%. As Chairman and Chief Executive Officer at Merisant
Worldwide, Block and the team stabilized the declining Equal
Sweetener Brand, created and launched Whole Earth Sweetener Brand
and improved Merisant's balance sheet. Block and team then grew
EBITDA 20%, paid down debt and sold the company for a 35% investor
IRR. As Chief Executive Officer of SVP Worldwide, a $500MM global
leader in home sewing best known for the Singer Brand, Block was
recruited to "reinvent" the business model and prepare the company
for sale. Mr. Block and the team quickly led a strategic and
tactical transformation with extraordinary fiscal results and a
robust 3-year plan.
Currently, Mr. Block serves as President and member of the Board
of Directors of GLG Life Tech Corporation ("GLG"), one of the
world's leading sustainable and vertically integrated producer of
zero calorie natural sweeteners. After four years as a member of
GLG's Board of Directors, Mr. Block was asked by the Chairman of
the Board of GLG take on an operating role to lead growth, scale
the business and assimilate new acquisitions.
Advertising Age and Brand Week named Mr. Block as one of the
"Top Marketers" in the USA.
Guinness Import Company named him "Marketing Manager of the Year"
and Groupe DANONE awarded him the "Chairman's Award" for
innovation. In addition, the UJA Federation honored Mr. Block with
the "Edgar Bronfman Award" for outstanding industry leadership.
Lawrence Firestone, CEO and Board
Member of Eastside Distilling, commented, "We are pleased to
welcome Paul Block to the
Eastside Board of Directors. Paul
is a seasoned consumer products executive, with vast experience
across multiple industries, including beer and spirits. We look
forward to leveraging his experience for the benefit of
Eastside."
"The Board also wants to thank Paul
Shoen for his many contributions as the chairman of the
board over the past year and wish him well in his future endeavors.
During a time of significant change at Eastside, he has been a great steward of the
business and maintained steady leadership," Mr. Firestone
concluded.
About Eastside Distilling
Eastside Distilling, Inc. (NASDAQ: EAST) has been producing
high-quality, award-winning craft spirits in Portland, Oregon, since 2008. The Company is
distinguished by its highly decorated product lineup that includes
Redneck Riviera and companion brand Granny Rich Whiskey, newly
acquired Azuñia Tequilas, Burnside Bourbons and Rye, Hue-Hue Coffee
Rum, and Portland Potato Vodkas. All Eastside spirits are crafted from natural
ingredients for quality and taste. Eastside's Craft Bottling + Canning subsidiary
is one of the Northwest's leading independent spirit bottlers and
ready-to-drink canners. For more information visit:
www.eastsidedistilling.com or follow the company on Twitter and
Facebook.
Important Cautions Regarding Forward-Looking
Statements
Certain matters discussed in this press release may be
forward-looking statements. Such matters involve risks and
uncertainties that may cause actual results to differ materially,
including the following: changes in economic conditions; general
competitive factors; acceptance of the Company's products in the
market; the Company's success in obtaining new customers; the
Company's success in product development; the Company's ability to
execute its business model and strategic plans; the Company's
success in integrating acquired entities and assets, and all the
risks and related information described from time to time in the
Company's filings with the Securities and Exchange Commission
("SEC"), including the financial statements and related information
contained in the Company's Annual Report on Form 10-K and interim
Quarterly Reports on Form 10-Q. Examples of forward-looking
statements in this release may include statements related to our
strategic focus, product verticals, anticipated revenue, and
profitability. The Company assumes no obligation to update the
cautionary information in this release.
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SOURCE Eastside Distilling, Inc.