---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-033697"
form_type: "8-K"
ticker: null
cik: "0001834045"
company_name: "Vintage Wine Estates, Inc."
filed_at: "2023-07-20T23:59:59+00:00"
generated_at: "2026-06-13T05:45:47.838319+00:00"
event_type: "leadership"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Preliminary FY2023 rev ~$290M, restructuring cuts 25 roles; Seth Kaufman named CEO from Moët Hennessy

## Summary
- Preliminary FY2023 revenue ~$290M, gross margin 30-32%; FY2024 guidance revenue $250-270M, gross margin 37-39%.
- Restructuring: 25 roles (4% workforce) cut, annualized savings ~$6M, cash charges $6-7M primarily in Q1 FY2024.
- Appointed Seth Kaufman (ex-Moët Hennessy NA CEO) as President & CEO, effective by Oct 30, 2023.
- President Terry Wheatley resigned; separation includes three years salary over 24 months, $125k lump sum, IP rights sale.
- CFO Johnston salary raised to $400k, retention bonus $175k, equity awards; expects revised lender agreement before Sept.

## SEC filing metadata
- accession: 0000950170-23-033697
- form_type: 8-K
- cik: 0001834045
- company_name: Vintage Wine Estates, Inc.
- filed_at: 2023-07-20T23:59:59+00:00
- event_type: leadership
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 2.05, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1834045/000095017023033697/0000950170-23-033697-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1834045/000095017023033697/vwe-20230717.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-033697
- JSON: https://secwatch.observer/filing/0000950170-23-033697.json
- Plain text: https://secwatch.observer/filing/0000950170-23-033697.txt

## Key facts
- Earnings Releases
  Vintage Wine Estates, Inc. reported fiscal 2024 results: revenue approximately $250 million to $270 million. Guidance initiated.
  - Period: fiscal 2024
  - Revenue: approximately $250 million to $270 million
  - Guidance: initiated
  - Result: guidance update
  source text: VWE preliminary expectations for fiscal 2024 based on execution of the restructuring and Five-Point Plan are as follows: Revenue: Approximately $250 million to $270 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/1834045/000095017023033697/0000950170-23-033697-index.htm
- Earnings Releases
  Vintage Wine Estates, Inc. reported fiscal year ended June 30, 2023 results: revenue approximately $290 million.
  - Period: fiscal year ended June 30, 2023
  - Revenue: approximately $290 million
  - Result: preliminary results
  source text: Preliminary unaudited fiscal 2023 revenue is estimated to be $290 million with gross margin of approximately 30% to 32%
  evidence_url: https://www.sec.gov/Archives/edgar/data/1834045/000095017023033697/0000950170-23-033697-index.htm
- Executive change
  Terry Wheatley resigned as President at Vintage Wine Estates, Inc..
  - Action: resigned
  - Role: President
  source text: Ms. Wheatley voluntarily elected to resign from the Company, effective July 19, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1834045/000095017023033697/0000950170-23-033697-index.htm
- Executive change
  Seth Kaufman was appointed as President and Chief Executive Officer at Vintage Wine Estates, Inc..
  - Action: appointed
  - Role: President and Chief Executive Officer
  source text: the Board appointed Seth Kaufman, age 49, as the Company’s President and Chief Executive Officer, effective on or prior to October 30, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1834045/000095017023033697/0000950170-23-033697-index.htm
- Restructurings & Charges
  Vintage Wine Estates, Inc. announced a restructuring with charges of $6 million to $7 million (approximately 25 roles, or 4% of the workforce).
  - Type: restructuring
  - Charge: $6 million to $7 million
  - Headcount: approximately 25 roles, or 4% of the workforce
  source text: On July 20, 2023, as a result of recent changes in the Company's financial condition, the Company's executive officers, authorized by the Board of Directors (the "Board") to take such action, approved an organizational restructuring plan (the "Plan") to expand margin through simplification and improved execution, measurably reduce costs, improve cash management, monetize assets, reduce debt and grow revenue of its key brands. As part of the Plan, which was finalized on July 17, 2023, there is a reduction in force affecting approximately 25 roles, or 4% of the workforce, which is expected to increase the Company's annualized cost savings to approximately $6 million, including the impact of the actions taken in March 2023 as discussed in the Company's press release dated April 5, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1834045/000095017023033697/0000950170-23-033697-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.