Board of Directors Veteran CPG Executives David Klein and Tom Flocco Join The Duckhorn Portfolio Board of Directors
The Duckhorn Portfolio (“Duckhorn” or the “Company”), North America’s leading luxury wine producer, has announced the appointment of two seasoned consumer packaged goods (CPG) executives, David Klein and Tom Flocco, to its Board of Directors. Their appointment is effective immediately, bringing an added depth of leadership and industry expertise to the company as it embarks on its next phase of strategic growth.
Background on David Klein
Mr. Klein joins the Duckhorn Board with more than 30 years of financial leadership and growth-oriented strategic experience in the beverage alcohol and consumer sectors. His impressive career includes significant roles in high-profile organizations where he has been instrumental in driving expansion, operational efficiency, and enterprise value growth.
Most recently, Mr. Klein served as CEO of Canopy Growth Corporation, a leading player in the cannabis industry, following a strategic investment from Constellation Board of Directors. His tenure at Canopy Growth was marked by a focus on financial discipline, organizational restructuring, and brand development, ensuring the company’s ability to navigate a dynamic regulatory landscape and evolving market trends.
Prior to his role at Canopy Growth, Mr. Klein held several executive leadership positions at Constellation Brands, a global beverage alcohol company known for its premium wine, spirits, and beer portfolio. He played a crucial role in transforming Constellation into one of the most profitable beer producers in the industry. Board of Directors His contributions included serving as Chief Financial Officer (CFO) of Constellation’s Beer Division before ultimately being promoted to CFO of the publicly traded company.
During his tenure, Mr. Klein was instrumental in the acquisition and successful integration of Grupo Modelo’s U.S. business. This acquisition significantly bolstered Constellation Brands’ standing in the high-end beer category, allowing the company to solidify its market leadership and drive over $50 billion in enterprise value growth. His expertise in mergers and acquisitions (M&A), financial strategy, and operational management makes him a valuable asset to the Duckhorn Board as the company continues its upward trajectory in the luxury wine sector.
Background on Tom Flocco
Mr. Flocco is a highly accomplished executive with more than 35 years of experience in leadership roles across the food, beverage, and CPG industries. His extensive background in both private and public company environments has provided him with deep insights into consumer trends, operational efficiencies, and brand expansion strategies.
Currently, Mr. Flocco serves as the CEO of Pete & Gerry’s Organics, a leading premium egg producer dedicated to sustainability and organic farming practices. Under his leadership, Pete & Gerry’s has strengthened its market position and expanded its distribution, demonstrating his ability to scale premium consumer brands.
Before joining Pete & Gerry’s, Mr. Flocco served as President and Chief Operating Officer (COO) of Utz Brands, one of the largest snack food companies in the United States. In this role, he oversaw the company’s commercial, financial, and supply chain operations, ensuring sustainable growth and profitability.
Earlier in his career, he served as President and CEO of Beam Suntory, a global leader in distilled spirits with an extensive portfolio of premium brands. Board of Directors His tenure at Beam Suntory was characterized by strategic brand positioning, operational excellence, and market expansion.
Additionally, Mr. Flocco was previously a Partner at McKinsey & Company, specializing in consumer practice, where he advised top-tier companies on strategic growth initiatives.Board of Directors He began his career at Procter & Gamble in sales and brand management roles, laying the foundation for his deep understanding of consumer behavior and product marketing.
Strategic Impact of the Appointments
These leadership appointments follow the December 2024 acquisition of The Duckhorn Portfolio by Butterfly Equity (“Butterfly”), a prominent private equity firm specializing in the food sector. Butterfly has an established history of investing in and scaling iconic consumer brands. Board of Directors The firm’s portfolio includes notable names such as Actus Nutrition, Chosen Foods, MaryRuth Organics, Orgain, Pete & Gerry’s, and QDOBA, among others.
Butterfly’s Co-Founder and Co-CEO, Adam Waglay, expressed his confidence in the new board members, stating, “David and Tom have each led distinguished careers and bring decades of experience in scaling and operating category-defining alcoholic beverage businesses to the Duckhorn Board. Over the past year, we’ve had the opportunity to partner with David, and we have worked closely with Tom for several years. We are confident that their strategic and financial expertise will be essential assets as Duckhorn accelerates its next phase of growth.”
Robert Hanson, CEO of Duckhorn, echoed similar sentiments, highlighting his excitement about the new appointments. “We are thrilled to welcome David and Tom to our Board of Directors,” he said. “I have had the pleasure of knowing and working with David for many years and look forward to partnering further with Tom. I have long admired their impressive business acumen, M&A experience, and ability to drive transformative growth. As we enter this exciting new chapter, David and Tom’s guidance will be invaluable as we execute on our vision for long-term growth and leadership in the luxury wine category.”
Statements from the New Board Members
Upon his appointment, Mr. Klein shared his enthusiasm about joining Duckhorn’s Board. “I am honored to join Duckhorn’s Board of Directors at this inflection point for the Company,” he stated. “Duckhorn has built a long-lasting legacy in Napa, and, with Butterfly’s unique partnership model, the Company is positioned to reach unparalleled heights in the luxury wine space. I look forward to working alongside Robert, Tom, and the leadership team to further strengthen Duckhorn’s market position and drive long-term, sustainable value creation.”
Mr. Flocco also expressed his excitement about the opportunity, saying, “It’s a privilege to join Duckhorn’s Board of Directorsand to continue my work within the Butterfly family of companies. I’m impressed by Duckhorn’s strong reputation and commitment to excellence in the luxury wine space, and I’m eager to contribute to the Company’s continued growth.”
The Future of Duckhorn
The addition of Mr. Klein and Mr. Flocco to Duckhorn’s Board of Directors marks a significant step forward for the company as it continues to expand its presence in the luxury wine market. With their combined expertise in financial strategy, brand growth, and operational leadership, Duckhorn is well-positioned to drive innovation and maintain its leadership in the high-end wine segment.
As the company embarks on this new chapter, the guidance and insights of its newly appointed board members will play a crucial role in shaping its strategic initiatives, further strengthening Duckhorn’s legacy as one of North America’s premier luxury wine companies.
