MGP Ingredients names ex-Constellation, Coke exec CEO
The whiskey, vodka and gin distiller said Francis would take the helm today (21 July).
Brandon Gall, who has been interim president and CEO since January, will continue to be the CFO of the Remus Bourbon owner.
Gall took the reins when David Bratcher resigned just before Christmas after less than a year as MGP Ingredients CEO.
'Julie is a proven leader with decades of experience driving growth and value creation across the food and beverage space, making her the ideal candidate to lead MGP forward,' chairman Martin Roper said.
Roper added the new CEO would 'build on the actions that Brandon and the MGP team have taken to better align our businesses with current consumer trends'.
In 2024, MGP Ingredients sales fell 16% to $703.6m and its adjusted EBITDA decreased 6% to $196.5m. Net income slid by more than two thirds from $107.5m to $34.7m.
Last October, amid pressure on spirits sales in the US and higher levels of inventory across the country's whiskey industry, MGP Ingredients issued a profit warning. The group subsequently announced plans to cut whiskey production.
In the first quarter of 2025, MGP Ingredients' sales decreased 29% to $121.7m. The company recorded a loss of $3.1m, which it was said was primarily due to the change in 'fair value of the contingent consideration liability' related to the "improved performance" of the Penelope Bourbon brand. On an adjusted basis, net income decreased 68% to $7.8m.
For 2025 as a whole, the company is forecasting sales of $520-$540m and adjusted EBITDA of $105-115m.
Francis' most recent executive role was COO at US frozen-food group Schwan's Company from January 2021 to July 2024, according to her LinkedIn profile.
She joined Schwan's in 2018 after just under 18 months at Constellation Brands, where she was senior vice president of commercial and category development for the Modelo brewer's Total Beverage Alcohol platform.
Before Constellation, Francis was chief commercial officer for The Coca-Cola Company for five years. Before The Coca-Cola Company, her six years at the then Coca-Cola European Partners included two as VP for sales and marketing in North America.
'MGP's strong foundation, built on a legacy of quality, operational excellence, and a portfolio of attractive alcoholic spirits brands, is a true credit to this talented team,' she said in a statement. 'I am excited to partner with Brandon and the MGP team as we build upon this excellent platform to grow our brands, deepen consumer connections, and create value for all stakeholders.'
"MGP Ingredients names ex-Constellation, Coke exec CEO" was originally created and published by Just Drinks, a GlobalData owned brand.
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