Head of South African KWV losses job after exports collapse

Thys Loubser, CEO since 2007 of crisis-hit South African wine and spirits giant KWV, has resigned his position with immediate effect. He has not commented on his departure, which comes months after investment company HCI became KWV’s largest shareholder but the board of KMV said that they wanted a change in leadership. Loubser’s departure comes at a difficult time for the company, which has lost many of its UK listings after enforcing price rises. Global sales fell from 2.5m cases to 500,000 cases in the last six months of 2010.

Meanwhile South African wine is going upmarket in a new initiative with independent retailers and restaurants, which aims to show the country's quality and diversity in the more premium sector.