Core Insights - The company has made significant progress in 2025, finishing the year above expectations despite a challenging operating environment in the spirits industry [4][5][37] - The strategic roadmap focuses on disciplined execution, organizational changes, and leveraging financial strength for long-term growth [2][3][39] Financial Performance - For Q4 2025, consolidated sales decreased by 23% year-over-year, with adjusted EBITDA at $26 million and adjusted basic EPS at $0.63 [5][28] - Full-year 2025 results included consolidated sales of $536 million, adjusted EBITDA of $116 million, and adjusted basic EPS of $2.85, with operating cash flows increasing by 19% to $122 million [5][29] - The company expects 2026 net sales in the range of $480 million to $500 million, with adjusted EBITDA between $90 million and $98 million [30] Industry Outlook - The spirits industry is anticipated to face continued challenges in 2026, with expectations of another down year for both the industry and the company [4][6][31] - Consumer sentiment and spending are under pressure, influenced by competition from online gambling, gaming, and health-focused trends [6][7] Strategic Initiatives - The Branded Spirits segment is viewed as the primary growth engine, with a focus on the Premium Plus category, particularly Penelope Bourbon, which saw an 80% increase in sales [8][10][12] - The company plans to rationalize 20% of its tail brands to streamline operations and focus on higher-velocity SKUs [11][75] - Investment in digital marketing and analytics is prioritized to enhance brand awareness and connect with consumers [13][68] Distilling Solutions Segment - The Distilling Solutions segment experienced a significant decline in sales, down 47% in 2025, with expectations of a further 35% decline in 2026 [25][31] - The company is focused on creating a differentiated value proposition and expanding its premium white goods offerings to complement its brown goods portfolio [15][16] Ingredient Solutions Segment - The Ingredient Solutions business is expected to benefit from strong consumer demand for high-protein and high-fiber products, with anticipated double-digit sales growth in 2026 [19][20] - Operational improvements and increased capital investment are being implemented to return to historical levels of operational excellence [21][79]

Financial Data and Key Metrics Changes - For Q4 2025, consolidated sales decreased by 23% year-over-year to $138 million, with adjusted EBITDA declining by 51% to $26 million and adjusted basic EPS decreasing by 60% to $0.63 [23][24][26] - For the full year 2025, consolidated sales were $536 million, adjusted EBITDA was $116 million, and adjusted basic EPS was $2.85, while operating cash flows increased by 19% to $122 million [8][26][27] - Net income for Q4 2025 was a loss of $135 million, primarily due to a non-cash adjustment of $153 million related to goodwill [26] Business Line Data and Key Metrics Changes - Branded Spirits segment sales declined by 1% in Q4 and 3% for the full year, with premium plus sales growing by 10% in Q4, driven by Penelope Bourbon [23][30] - Distilling Solutions segment sales fell by 47% in Q4 and 45% for the full year, with gross profit declining by 52% [23][24] - Ingredient Solutions sales decreased by 10% in Q4 and 7% for the full year, impacted by equipment outages and higher waste disposal costs [24][30] Market Data and Key Metrics Changes - The spirits industry is expected to face continued pressure, with consumer sentiment and spending under strain due to competition from online gambling and health trends [9][10] - Domestic whiskey production has sharply declined, with reports indicating a 26% drop over the trailing 12 months [15] Company Strategy and Development Direction - The company is focusing on strategic clarity and prioritizing growth in the premium plus category, particularly with Penelope Bourbon [4][11] - A comprehensive portfolio management review process is being implemented to rationalize 20% of tail brands, aiming to enhance focus and efficiency [13][65] - The company is committed to investing in digital marketing and analytics to drive brand awareness and improve execution [14][79] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that 2026 is likely to be another challenging year for the spirits industry, but expresses optimism based on proactive actions and strategic clarity [4][35] - The outlook for 2026 includes expected net sales in the range of $480 million to $500 million and adjusted EBITDA between $90 million and $98 million [29][30] Other Important Information - The company plans to increase its advertising and promotion spend to approximately 13.5% of segment sales in 2026 [32] - A significant earnout payment related to the Penelope acquisition is expected to impact cash flows in 2026 [32][33] Q&A Session Summary Question: What are you seeing regarding pricing in the industry? - Management indicates that pricing is rational, with some adjustments being made to offer more affordable pack sizes [40][41] Question: Does your credit facility allow limitations on how you can use it regarding the Penelope payment? - There are no limitations on the credit facility related to the Penelope earn-out, and the bank group views this payment positively [43] Question: Can you speak to your visibility on 2026 being the trough for brown goods? - Management confirms good visibility for 2026, with most aged and distillate contracts under contract [49][51] Question: What is embedded from fully committed orders in your guidance for distilling? - Substantially all new distillate orders are under contract, and guidance reflects similar spot ages to 2025 [57] Question: How will the rationalization of tail brands impact your 2026 guidance? - The rationalization is accounted for in the 2026 guidance and is not expected to impact it negatively [85]

Financial Data and Key Metrics Changes - For Q4 2025, consolidated sales decreased by 23% year-over-year to $138 million, with adjusted EBITDA declining by 51% to $26 million and adjusted basic EPS decreasing to $0.63, a 60% drop [8][24][26] - For the full year 2025, consolidated sales were $536 million, adjusted EBITDA was $116 million, and adjusted basic EPS was $2.85, with operating cash flows increasing by 19% to $122 million [8][24][26] Business Line Data and Key Metrics Changes - Branded Spirits segment sales declined by 1% in Q4 and 3% for the full year, while premium plus sales grew by 10% in Q4, driven by Penelope Bourbon [23][30] - Distilling Solutions segment sales fell by 47% in Q4 and 45% for the full year, with gross profit declining by 52% [23][24] - Ingredient Solutions sales decreased by 10% in Q4 and 7% for the full year, impacted by equipment outages and higher waste disposal costs [24][30] Market Data and Key Metrics Changes - The spirits industry is expected to face continued pressure, with consumer sentiment and spending under strain due to competition from online gambling and health trends [9][10] - Domestic whiskey production has sharply declined, with reports indicating a 26% drop over the trailing 12 months [15] Company Strategy and Development Direction - The company is focusing on strategic clarity and prioritizing growth in the premium plus category, particularly with Penelope Bourbon [4][11] - A comprehensive portfolio management review process is being implemented to rationalize 20% of tail brands, aiming to enhance focus and efficiency [13][63] - The company plans to increase advertising and promotion spending to approximately 13.5% of segment sales in 2026, with a shift towards digital media [14][80] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that 2026 is likely to be another challenging year for the spirits industry, but expresses optimism based on proactive actions and strategic clarity [4][9] - The company expects net sales in the range of $480 million to $500 million for 2026, with adjusted EBITDA between $90 million and $98 million [28][29] Other Important Information - The company is committed to maintaining a flexible balance sheet and managing working capital effectively, with a focus on cash generation [32][33] - The Penelope earnout payment is expected to impact operating cash flow significantly in 2026, but the company anticipates deleveraging over time [32][33] Q&A Session Summary Question: What are you seeing regarding pricing in the industry? - Management indicates that pricing is rational, with affordability being an issue, and they are launching smaller pack sizes to address this [40][41] Question: Does your credit facility allow limitations on how you can use it regarding the Penelope payment? - There are no limitations on the credit facility related to the Penelope earn-out, and the bank group views this payment positively [43] Question: Can you speak to your visibility on 2026 being the trough for brown goods? - Management confirms good visibility for 2026, with most aged and distillate customers under contract [51] Question: What is the degree to which rationalizations are built into your 2026 guidance? - Rationalizations are not expected to impact the 2026 guidance, as they are accounted for in the long tail brands [85]

Financial Data and Key Metrics Changes - For Q4 2025, consolidated sales decreased by 23% year-over-year to $138 million, with adjusted EBITDA declining by 51% to $26 million and adjusted basic EPS decreasing by 60% to $0.63 [24][27] - For the full year 2025, consolidated sales were $536 million, adjusted EBITDA was $116 million, and adjusted basic EPS was $2.85, while operating cash flows increased by 19% to $122 million [8][27] - Net income for Q4 2025 was a loss of $135 million, primarily due to a non-cash adjustment of $153 million related to goodwill [27] Business Line Data and Key Metrics Changes - The Branded Spirits segment saw a 1% decline in sales for Q4 and a 3% decline for the full year, with premium plus sales growing by 10% in Q4, driven by Penelope Bourbon [24][30] - The Distilling Solutions segment experienced a 47% decline in Q4 sales, including a 53% decline in brown goods sales, with full year sales down 45% [24][30] - Ingredient Solutions sales declined by 10% in Q4 and 7% for the full year, impacted by equipment outages and higher waste disposal costs [25][30] Market Data and Key Metrics Changes - The spirits industry is expected to face continued challenges, with consumer sentiment under pressure due to competition from online gambling and health trends [9][10] - Domestic whiskey production has sharply declined, with reports indicating a 26% drop over the trailing 12 months [16] Company Strategy and Development Direction - The company is focusing on strategic clarity and prioritizing growth in the premium plus category, particularly with Penelope Bourbon [4][11] - A comprehensive portfolio management review process is being implemented to rationalize 20% of tail brands, aiming to enhance focus and efficiency [13][63] - The company plans to increase advertising and promotion spending to approximately 13.5% of segment sales in 2026, with a shift towards digital media [14][32] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that 2026 is likely to be another down year for the industry, but expresses optimism based on proactive actions and strategic clarity [4][35] - The company expects net sales in the range of $480 million to $500 million for 2026, with adjusted EBITDA between $90 million and $98 million [29][30] - Management emphasizes the importance of maintaining a flexible balance sheet and prioritizing cash generation [32][33] Other Important Information - The company is committed to reducing costs and managing working capital effectively, with capital expenditures expected to be approximately $20 million in 2026 [29][33] - The Penelope earnout payment is expected to impact cash flows significantly, with operating cash flow projected to be in the range of $40 million to $45 million [32][33] Q&A Session Summary Question: What are you seeing regarding pricing in the industry? - Management indicates that pricing is rational, with affordability being an issue, and they are launching smaller pack sizes to address this [39][40] Question: Does your credit facility allow limitations on how you can use it regarding the Penelope payment? - There are no limitations on the credit facility related to the Penelope earn-out, and the bank views this payment positively [42] Question: Can you speak to your visibility on 2026 being the trough for brown goods? - Management confirms good visibility for 2026, with most contracts under agreement and a focus on premium white goods to reduce costs [49][51] Question: What is the degree of rationalization in the Branded Spirits segment? - The rationalization of tail brands is not expected to impact 2026 guidance, and the company plans to recover costs from divesting certain brands [82][83]

INVESTOR PRESENTATION Fourth Quarter 2025 2 QUARTERLY AND FULL-YEAR HIGHLIGHTS February 2026 FORWARD LOOKING STATEMENTS AND NON-GAAP DISCLAIMER This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation statements regarding the ability of the whiskey inventories of MGP Ingredients, Inc. (the "Company" or "MGP") to provide optionality and upside; ability of the Company to support and meet liquidity needs an ...

Financial Performance - Sales for 2025 were $536,375, a decrease of 24% compared to 2024, with Distilling Solutions segment sales down 45%, Ingredient Solutions down 7%, and Branded Spirits down 3%[156]. - Gross profit for 2025 was $199,409, a decrease of 30% compared to 2024, driven by a 52% decrease in Distilling Solutions gross profit and a 41% decrease in Ingredient Solutions gross profit[158]. - Operating loss for 2025 was $94,615, a significant decrease from operating income of $74,426 in 2024, largely due to a $152,622 impairment related to goodwill and indefinite-lived intangible assets[164]. - Net income for 2025 was a loss of $107,832, compared to a profit of $34,465 in 2024, reflecting a 413% decrease[155]. - Operating income for 2024 decreased to $74,426 from $148,613 in 2023, primarily due to a $73,755 goodwill impairment in the Branded Spirits segment[166]. - Basic and diluted EPS for 2024 was $1.56, a decrease of 68% compared to $4.82 in 2023, driven by a decrease in operating income and an increase in the effective tax rate[171]. Segment Performance - Ingredient Solutions segment sales for 2025 decreased by 7%, primarily due to decreased sales of specialty wheat starches[154]. - The Distilling Solutions segment experienced a softening of American whiskey category trends, leading to a 45% decrease in sales for 2025[153]. - Total Branded Spirits sales for 2025 decreased by $7,875, or 3%, compared to 2024, attributed to lower sales volume and net price/mix in the value and mid price tiers[176]. - Total Distilling Solutions sales for 2025 decreased by $150,804, or 45%, primarily due to lower brown goods sales driven by reduced customer demand[186]. - Gross profit for the Distilling Solutions segment decreased by $73,325, or 52%, with a gross margin decline to 37.8% from 42.7% in 2024[187]. - Total Ingredient Solutions sales for 2025 decreased by $8,571, or 7 percent, driven by decreased sales volume of specialty wheat starches and commodity wheat starches[198]. - Gross profit for Ingredient Solutions decreased by $10,707, or 41 percent, with gross margin dropping to 12.7 percent from 20.1 percent in 2024[199]. Expenses and Costs - Advertising and promotion expenses for 2025 were $31,083, a decrease of 23% compared to 2024, due to realignment of spending towards brands with attractive growth opportunities in the Branded Spirits segment[160]. - SG&A expenses for 2025 were $84,819, an increase of 4% compared to 2024, primarily driven by increased incentive compensation[162]. - The decrease in gross profit in the Ingredient Solutions segment contributed to the overall decline in operating income[166]. - The decline in gross profit for Ingredient Solutions was attributed to higher input costs and unexpected plant-related costs during the year[203]. Cash Flow and Liquidity - Cash provided by operating activities was $121,528 for the year ended December 31, 2025, an increase of $19,250 compared to 2024[208]. - Current assets exceeded current liabilities by $322,658 as of December 31, 2025, largely due to inventories of $382,741[206]. - The company anticipates sufficient cash availability to support short-term liquidity and operating needs, including potential mergers or acquisitions[207]. - Cash provided by operating activities for the year ended December 31, 2024, was $102,278, driven by net income of $34,465 and adjustments for non-cash charges of $114,994[210]. - Cash used in investing activities for the year ended December 31, 2025, was $45,525, primarily for additions to property, plant, and equipment of $45,488[211]. - Cash used in financing activities for the year ended December 31, 2025, was $83,522, mainly due to net payments on long-term debt of $69,400[213]. - Cash used in financing activities for the year ended December 31, 2024, was $23,803, primarily due to stock repurchases and dividend payments[214]. Debt and Equity - Total debt was $252,318 at December 31, 2025, down from $323,541 at December 31, 2024[217]. - The company announced a dividend of $0.12 per share payable on March 27, 2026, to stockholders of record as of March 13, 2026[218]. - The company repurchased 886,936 shares of Common Stock for approximately $46,588 during the year ended December 31, 2024, leaving approximately $53,412 remaining under the share repurchase program[216]. Impairments and Charges - An impairment charge of $132,122 was recorded for the Branded Spirits reporting unit, impacting operating income for the year ended December 31, 2025[228]. - An impairment charge of $20,500 was recorded for indefinite-lived intangible assets, also affecting operating income for the year ended December 31, 2025[231]. Risk Management - The company is exposed to commodity price and interest rate market risks, which are managed as part of its overall risk management program[235]. - The company has grain supply contracts for its Lawrenceburg facility and wheat flour supply contracts for its Atchison facility, which help mitigate commodity price risks[236]. - A 100 basis point increase in market interest rates would increase the company's annual interest expense by $420, based on weighted average outstanding variable-rate borrowings as of December 31, 2025[238]. - A 100 basis point increase in market rates would decrease the fair value of the company's outstanding fixed-rate debt by $16,827, while a decrease in market rates would increase the fair value by $19,506[238]. Strategic Initiatives - The company is investing in a biofuel facility to mitigate disposal costs related to waste starch streams, which is part of a broader strategy to improve operational reliability[199]. - The closure of the Atchison Distillery impacted sales volume and gross profit, particularly in the Distilling Solutions segment[193].

Financial Performance - Consolidated sales for Q4 2025 decreased 23% to $138.3 million compared to Q4 2024[3] - Full-year consolidated sales declined 24% to $536.4 million, primarily due to a decrease in Distilling Solutions segment sales[9] - Q4 consolidated gross profit decreased 35% to $48.3 million, with a gross profit margin decline of 630 basis points to 34.9%[3] - Full-year gross profit declined 30% to $199.4 million, with a gross margin decrease of 350 basis points to 37.2%[9] - Net income for Q4 2025 was a loss of $134.6 million, primarily due to a non-cash adjustment of $152.6 million[6] - Adjusted EBITDA for Q4 2025 decreased 51% to $26.1 million[5] - Full-year adjusted EBITDA decreased 41% to $116.0 million[9] - The company reported a net loss of $107.832 million for the year ended December 31, 2025, compared to a net income of $34.465 million in 2024[28] - For the quarter ended December 31, 2025, MGP Ingredients reported a net loss of $134.6 million, compared to a net loss of $42.0 million for the same quarter in 2024[29] - Adjusted EBITDA for the quarter ended December 31, 2025, was $26.1 million, down from $53.1 million in the same quarter of 2024[31] - The adjusted non-GAAP net income for the quarter ended December 31, 2025, was $13.7 million, compared to $34.4 million in the same quarter of 2024[29] - MGP Ingredients' diluted EPS for the quarter ended December 31, 2025, was $(6.22), compared to $(1.91) for the same quarter in 2024[29] Capital Expenditures and Assets - Capital expenditures for 2025 were $31.9 million, a decline of 56% from the previous year[9] - Total assets decreased to $1.236 billion as of December 31, 2025, from $1.406 billion in 2024, reflecting a decline of 12.1%[27] - Cash and cash equivalents at the end of the period were $18.460 million, down from $25.273 million in 2024, a decrease of 27.1%[28] - MGP Ingredients' cash and cash equivalents as of December 31, 2025, were $18.5 million, down from $25.3 million in 2024[31] Liabilities and Debt - Current liabilities increased significantly to $200.051 million in 2025, compared to $92.450 million in 2024, marking a 116.6% increase[27] - MGP Ingredients' total debt as of December 31, 2025, was $252.3 million, with a net debt leverage ratio of 2.0[31] Goodwill and Impairments - The company incurred $152.622 million in goodwill impairment for the year ended December 31, 2025, compared to $73.755 million in 2024[26] - The company recorded a goodwill impairment of $152.6 million for the year ended December 31, 2025, which is nondeductible for income tax purposes[30] Segment Performance - Total Branded Spirits Sales decreased by 1% to $63,446,000 in Q4 2025 from $64,005,000 in Q4 2024[33] - Operating loss for Branded Spirits increased by 123% to $(142,022,000) in Q4 2025 compared to $(63,814,000) in Q4 2024[33] - Total Distilling Solutions Sales fell by 47% to $43,576,000 in Q4 2025 from $82,045,000 in Q4 2024[33] - Gross profit for Distilling Solutions decreased by 54% to $16,910,000 in Q4 2025 from $36,727,000 in Q4 2024[33] - Total Ingredient Solutions Sales declined by 10% to $31,294,000 in Q4 2025 from $34,746,000 in Q4 2024[33] - Operating income for Ingredient Solutions dropped by 79% to $1,407,000 in Q4 2025 compared to $6,751,000 in Q4 2024[33] - Total Branded Spirits Sales for the year ended December 31, 2025 decreased by 3% to $232,941,000 from $240,816,000 in 2024[34] - Operating loss for Branded Spirits for the year increased by 164% to $(127,680,000) in 2025 from $(48,279,000) in 2024[34] - Total Ingredient Solutions Sales for the year ended December 31, 2025 decreased by 7% to $122,034,000 from $130,605,000 in 2024[34] - Gross margin for Ingredient Solutions fell to 12.7% in 2025 from 20.1% in 2024[34] Future Projections - The company projects 2026 consolidated sales in the range of $480 million to $500 million[22] - Adjusted basic EPS for 2026 is expected to be in the range of $1.50 to $1.80[22] - Adjusted EBITDA guidance for full year 2026 is provided on a non-GAAP basis, with no reconciliation to GAAP measures due to uncertainty in predicting certain items[24] Other Costs - The company incurred executive transition costs of $953,000 in the quarter ended December 31, 2025, compared to $2.9 million in the same quarter of 2024[31] - The company reported restructuring and other costs of $190,000 for the quarter ended December 31, 2025[31] Tax Information - The effective tax rate for the quarter ended December 31, 2025, was 21.7%, while for the year it was 24.8%[30] Operating Income - Operating income for the year ended December 31, 2025, was a loss of $94.615 million, compared to an operating income of $74.426 million in 2024[26] - Operating loss for Branded Spirits increased by 123% to $(142,022,000) in Q4 2025 compared to $(63,814,000) in Q4 2024[33]

Core Insights - Yellowstone Bourbon has launched Yellowstone Recollection Bourbon, inspired by historic back bar decanters from the late 1800s, now available more broadly for the first time [1] - The new bourbon is non-chill filtered, bottled at 110 proof, and aged for eight years, crafted by Master Distiller Stephen Beam [1] - The design of the bottle reflects Yellowstone's heritage, featuring the iconic Yellowstone Lower Falls and classic embossing [1] Product Details - Yellowstone Recollection Bourbon offers tasting notes of vanilla crème brûlée, dark cherry, caramel, butterscotch, charred oak, grain, mocha, and warm spices [1] - The suggested retail price for a 700ml bottle is $69.99, available at select retailers nationwide starting this month [1] Company Background - Yellowstone Bourbon was founded in 1872 and has been revived by Stephen Beam at Limestone Branch Distillery in 2011 [1] - The brand has received numerous awards, including Whisky Advocate's Top 20 Whiskies of the Year in 2025 and multiple Gold medals at various competitions [1] - Since 2018, the company has donated over $1 million to the National Parks Conservation Association and supports the Vital Ground Foundation in 2026 [1] Parent Company Information - Luxco, founded in 1958, is a leading producer and supplier of beverage alcohol products and operates as MGP Ingredients Inc. since its acquisition in 2021 [1] - Luxco's portfolio includes brands from multiple distilleries, including Yellowstone Bourbon from Limestone Branch Distillery [1]

Core Insights - Rebel Bourbon has launched a limited-edition Rebel Kentucky Straight Bourbon Whiskey Single Barrel Selected By Kyle Busch, with each barrel hand-picked by the NASCAR champion [1] - The bourbon is bottled at 108 proof (54% ABV) and is aged for four years, following Rebel's original wheated recipe since 1849 [1] - The suggested retail price for the 750mL bottle is $39.99, and the special edition will be available nationwide starting this month [1] Product Details - The Rebel Kyle Busch 108 Single Barrel features a unique gold label with a checkered flag pattern and includes the bottle's barrel details [1] - Rebel Bourbon plans to host bottle signings with Kyle Busch and Master Distiller John Rempe in key race markets during the 2026 NASCAR season [1] - The bourbon is part of Rebel Bourbon's commitment to celebrating bold originality and a rebellious spirit, aligning with the ethos of both the brand and Busch [1] Company Background - Rebel Bourbon is distilled in Bardstown, Kentucky, by Lux Row Distillers, which has a history dating back to 1849 [1] - Luxco, the parent company, was founded in 1958 and operates as MGP Ingredients Inc. since its acquisition in 2021, producing a range of beverage alcohol products [1] - Richard Childress Racing, the official partner of Rebel Bourbon, has a rich history in NASCAR with over 200 victories and 17 championships [1]

Core Viewpoint - MGP Ingredients, Inc. will report its fourth quarter and full year financial results for 2025 on February 25, 2026, highlighting its ongoing performance in the branded and distilled spirits and food ingredient sectors [1]. Financial Results Announcement - The company will release its financial results before the markets open on February 25, 2026, at 10 a.m. ET [1]. - A conference call will be held with management, including President and CEO Julie Francis and CFO Brandon Gall, to discuss the results [1]. Company Overview - MGP Ingredients has been operational since 1941, focusing on the alcoholic beverage and specialty ingredient industries through three segments: Branded Spirits, Distilling Solutions, and Ingredient Solutions [1]. - The company is recognized as a leading spirits distiller with a portfolio that includes premium brands such as Penelope, Rebel, Remus, and Yellowstone bourbons, as well as El Mayor tequila [1]. - MGP operates distilleries in Indiana and Kentucky, a tequila distillery joint venture in Mexico, and bottling operations in Missouri, Ohio, and Northern Ireland [1]. Leadership Changes - Karen Seaberg retired from the Board of Directors effective December 14, 2025, after over 15 years of service [1]. - Julie Francis has been appointed to the Board effective December 15, 2025 [1]. - Matias Bentel has been appointed as Chief Marketing Officer and Chris Wiseman as Senior Vice President of Operations, both reporting to Julie Francis [1].