PORTLAND, Ore., June 30, 2020 /PRNewswire/ -- Eastside
Distilling, Inc. (NASDAQ: EAST) today announced the appointment of
spirits industry and consumer goods veteran, Paul Block, as the Company's new Chief Executive
Officer, effective July 1, 2020.
Block initially joined Eastside as
Chairman in April 2020 and will
succeed Lawrence Firestone as CEO
who helped to successfully implement strong fiscal management at
Eastside following his appointment
in November 2019.
"I am extremely excited to lead Eastside Distilling as we
progress to the next phase of our evolution in becoming a leader in
the branding, marketing and sale of craft spirits with a continued
focus on strong fiscal management and operational excellence,"
commented Paul Block, new Chief
Executive Officer and Chairman of Eastside Distilling. "I look
forward to working with our enthusiastic team of professionals and
our current portfolio of brands as we embark on a high growth
strategy. Eastside has tremendous
opportunity to grow with our current brands and through accretive
bolt-on acquisitions. I look forward to the future with tremendous
optimism."
Early in his career, and over a ten-year period, Paul 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 Urquell 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 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's
growth as GM at +9% operating profit for 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.
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
leadership in the spirits industry.
Effective July 1, 2020,
Robert Grammen, who joined the board
in June 2020, will become
Eastside's lead independent board
member, and chair of the Nominating and Corporate Governance
Committee. Lawrence Firestone will
resign from the Eastside board
effective July 30, 2020.
"I would like to thank Larry
Firestone for his leadership of Eastside as he successfully implemented a
number of structural changes and processes to improve our working
capital position, significantly decreased our cash breakeven point,
and improved operational efficiencies during an important time in
the history of the company," Mr. Block continued. "Based on Larry's
leadership, the Eastside platform
is extremely well positioned to drive growth in our branded
portfolio going forward."
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 Whiskey with companion brands Granny Rich Reserve
and Howdy Dew!, newly acquired Azuñia Tequilas, Burnside Whiskeys,
Hue-Hue Coffee Rum, and Portland Potato Vodkas. All Eastside spirits are crafted from natural
ingredients for quality and taste. Eastside's Craft Canning + Bottling 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.