Global wine maker and distributor Treasury Wine Estates has announced that its CEO Michael Clarke will retire in the first quarter of fiscal 2021. The Australian company has appointed current COO Tim Ford as his replacement.
Clarke began his role as CEO in 2014, following his role as head of Premier Foods. He has previously held several senior executive roles at Kraft Foods and The Coca-Cola Company.
Treasury Wine chairman Paul Rayner said: “It is without question the extraordinary transformation and outstanding financial returns that Treasury Wine Estates has achieved, have been driven by Michael’s leadership over the past five and a half years.
“The structural changes and initiatives delivered by Michael and his team have established Treasury Wine Estates as a significantly stronger business than when he first joined the Company, and one that is very well placed to continue delivering sustainable, margin accretive growth well into the future.”
According to Reuters, the announcement of Clarke’s retirement has sent the Australian wine makers shares down more than 12%.
Clare will serve as an adviser to Treasury Wine for up to one year after his retirement to provide strategic support across key initiatives including potential merger and acquisition opportunities, as well as supporting Ford in his transition.
The wine makers brands include Blossom Hill, Squealing Pig and Penfolds.
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