According to Paul Walsh, former Diageo CEO and Vintage Wine's lead independent director, "Pat successfully grew VWE over the last 20-plus years and we have greatly appreciated his contributions as we advanced VWE as a public company. We have mutually determined that his role as CEO has changed significantly since our IPO, adding a complex dimension to his responsibilities, and taking him from what he has truly enjoyed. It was critical that the Board make the necessary leadership changes to find the right talent to continue to execute our strategy." Vintage's move to go public in 2021 was made in partnership with blank check company Bespoke Capital Acquisition Corp, led by Walsh. Shortly after the $600 million IPO, Vintage's share price was as high as $12.63, but it fell from there and closed yesterday at $2.79.