David Colo to retire at year end; David Bratcher promoted to CEO and President as of January 1, 2024.
MGP Ingredients, Inc., a leading provider of distilled spirits, branded spirits, and food ingredient solutions, announced today that David Colo will retire from his role as Chief Executive Officer and President of MGP, effective December 31, 2023. The Board of Directors has elected David Bratcher, MGP’s Chief Operating Officer and President of Branded Spirits, as its next Chief Executive Officer and President, effective January 1, 2024. Mr. Colo will remain with MGP through April 2024, serving in an advisory role to facilitate a smooth transition.
Mr. Colo will also resign from the Board of Directors effective December 31, 2023, and the Board has nominated Mr. Bratcher for election as a Class B director effective January 1, 2024, subject to preferred stockholder approval.
Colo and Bratcher have worked closely together for more than two years since the successful merger and integration of MGP with branded spirits company Luxco, Inc. Since becoming the CEO and President of MGP in May 2020, Colo has led the Company through consistent growth and record results, while also establishing a strong foundation for future sustainable growth. Bratcher’s appointment is a reflection of the Company’s deliberate succession planning.
It has been a privilege to work with the Board of MGP and a talented and passionate group of employees throughout the Company, altogether who have achieved significant results in a number of areas the past few years. I have worked closely with David Bratcher during the past couple of years and we are fortunate to have such a talented and capable leader to be the next CEO of MGP.
David Colo, president and CEO of MGP Ingredients
Bratcher is a longtime beverage alcohol industry veteran and executive. He joined MGP following the Company’s April 2021 merger with Luxco, Inc. and since then has served as COO and President of Branded Spirits, roles in which he has worked hand in hand with Colo and the rest of the MGP management team to manage the overall MGP business, as well as directly overseeing the Company’s extensive and award-winning branded spirits portfolio. Prior to the 2021 Luxco merger, Bratcher served in several leadership roles at Luxco since 1998, including serving as Luxco’s President since 2013. Before joining Luxco, Bratcher served in financial and operational roles for a number of consumer product companies, including international spirits company Allied Domecq, the second-largest spirits company in the world at the time.
The time I have spent with David over the last couple of years has been an invaluable experience for me. What David, the MGP Board, and all the employees have accomplished during his tenure is nothing short of impressive. I am extremely grateful to become MGP’s next CEO and look forward to working with the MGP Board and all our employees in challenging ourselves to continue moving the business forward.
David Bratcher
Karen Seaberg, Chairman of the Board of MGP, expressed thanks for Colo’s leadership
On behalf of the Board of Directors, our employees, and MGP’s stockholders, I express my deep gratitude to David for his success in leading the Company as well as for his service as an MGP Board member since 2015.
Karen Seaberg
As we prepared for Colo’s retirement, the Board unanimously agreed that David Bratcher was well suited to lead MGP. Our deliberate succession planning process has enabled us to ensure a seamless transition. The Board is confident that David’s leadership will positively impact our employees, customers, and stockholders into the future.
Image Credit: MGP Ingredients
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