Well, the share market got its way and the head of Keith Lambert has rolled. I greet this news with great regret, since it confirms just how far power has shifted in the Australian wine business. The wine industry analysts have scored a major victory, and one that demonstrates that wine industry professionals are now at their beck and call. While some might argue that in this case it is the shareholders who have spoken, I would contend that a highly skilled and competent chief executive has been removed because those largely responsible for his demise are seriously deficient in their knowledge of wine business. It wasn’t that long ago when non-wine businesses such as Phillip Morris, Dalgety’s, Heinz and others bought substantial Australian wine companies and lost bags of money. They didn’t understand the key differences that separate wine business from more conventional operations. Today it has become clear just how close we are to watching history repeat itself. Another generation of ‘experts’ who wouldn’t have produced and marketed a container of wine between them have taken significantly more control than their ability and their experience could ever substantiate. The thin end of the wedge? I sincerely hope not.
