Campari Alum Richard Black has been announced as the new CEO of Teremana Tequila. The move may be related to Dwayne Johnson’s stated intention to eventually move away from the brand. Photo: Teremana Tequila
Dwayne ‘The Rock” Johnson’s best-selling Teremana Tequila has just announced Campari Alum Richard Black as its new CEO.
The move may be connected to Johnson’s stated intention to eventually reduce ties with the brand.
Teremana was first launched back in 2020 alongside strategic partner and co-owner Mast-Jägermeister.
Since then, Teremana has joined the ranks of fellow celebrity-founded brands like Casamigos and 818 Tequila which are currently dominating the market. The brand is projected to reach at least 900,000 case sales in 2022.
New CEO Richard Black is an industry veteran, previously having worked his way up to vice-president of marketing in the U.S. market for Grupo Campari during his decade-long tenure at the company.
“I am honored to join the Teremana family and work closely with Dwayne, Jenna [Fagnan], Ken [Austin], Dany [Garcia], the Lopez family and Mast-Jägermeister,” said Black. “Teremana is an exceptional spirit and brand and I’m excited to build on its success in North America, as well as expand internationally.”
Though Black’s appointment doesn’t represent any immediate change of position for Johnson, the move towards international expansion may represent a turning point away from Johnson’s role within the brand.
In an interview with BNN Bloomberg in October, Johnson said:
“We do look down the road five years, 10 years, 15 years. I will tell you that one of our goals with Teremana is not only to continue to grow internationally, but like with any brand … the goal is eventually for it to find its way out into of the world and not have me so attached to it.”
When Johnson discusses the end goal of international growth, he’s talking about lucrative takeover deals. Famously, George Clooney and Rande Gerber sold Casamigos to Diageo for $1 billion back in 2017, a mind-boggling number that has inspired an avalanche of celebrity-owned tequila brands to hit the market ever since.
Teremena is probably years off from being acquired in the same degree, but it is worth noting that the brand is currently valued at $1.5 billion.
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