Accolade Wines' Paul Schaafsma resigns just as business prepares for IPO

Paul Schaafsma, chief executive of Accolade Wines, has surprised the global wine industry with the news he is to step down from his position in light of the proposed IPO of the business by private investors, Champ.

Whilst he has been with the business for some years it is less than a year since he took on the full ceo role in October 2015 and has recently moved with his family back to Australia after a lengthy period in the UK working for Australian Vintage prior to Accolade Wines.  

Champ has moved quickly to announce his successor with Michael East set to take up Schaafsma's role when he officially leaves the company. East is currently Accolade's general manager for Australia and Asia. 

Schaafsma had been head of Accolde's UK, Europe and Middle East business for three years before being promoted to the chief executive role. He was seen as being instrumental in bringing large parts of new business to the company, including the acquisition of key new strategic brands such as Mud House from New Zealand and Anakena from Chile earlier in the year. 

He was also behind high level sports sponsorship deals that has seen Hardys, the number one UK brand, back the English cricket team with ground, team and Sky Sports sponsorship. Mud House is set to be the wine sponsor for the next British Lions tour to New Zealand. 

Accolade has also built large parts of market share, particularly in the strong UK market where very close ties with the major multiples, particularly Tesco, has seen it become the lead strategic partner with each of the four major multiples. 

Schaafsma is leaving just as the business is about to embark on an IPO exepcted to be worth around AUS$1billion.

Schaafsma is understood to have been prepared to help with the listing but did not want to commit himself to the role for the next few years as he is keen to pursue other opportunities.