Endeavour Group’s announcement that Executive Chairman, Ari Mervis, will step down naturally raises many questions. However, one question it helps answer is that near-term sales and earnings look like they are stabilising. The teleconference call made it clear that the strategy “refresh” is just the beginning. As a result, there could still be substantial change in Endeavour and earnings risk under new CEO Jayne Hrdlicka who starts in January 2026.