Central European Distribution Corp., the struggling vodka maker with headquarters in Mt. Laurel, turned over control to its largest shareholder, Moscow's Russian Standard Corp., in a deal that provides CEDC with an initial $65 million in funding.
Russian Standard is headed by Russian billionaire Roustam Tariko, who will lead a new management committee overseeing CEDC.
CEDC also appointed Grant Winterton as chief executive officer, effective Jan. 10, replacing interim CEO David Bailey. Winterton, who lives in Russia, is the current general manager of CEDC subsidiary Russian Alcohol Group.
CEDC shares fell 5.5 percent to $2.07. - Reid Kanaley