Commodities

Australia's Treasury Wine says CEO Clarke to retire in Q1 2021

Credit: REUTERS/DAVID GRAY

Australia's Treasury Wine Estates on Monday said Chief Executive Michael Clarke would retire from his role in the first quarter of fiscal 2021.

Adds details on retiring CEO, background on company

Oct 21 (Reuters) - Australia's Treasury Wine Estates TWE.AX on Monday said Chief Executive Michael Clarke would retire from his role in the first quarter of fiscal 2021.

Clarke would be replaced by incumbent chief operating officer Tim Ford, the company said in a statement.

He would also serve as an advisor to the company for up to an additional one-year period after his retirement "to provide strategic support across key initiatives including potential merger and acquisition opportunities."

The Melbourne-headquartered company is in the process of switching from lower-margin cheap wine to more profitable mid-range and luxury products, with plans to invest more in its French assets.

Clarke's tenure as CEO, which began in March 2014, has seen shares of the winemaker surge almost fivehold and brokerage Morgans in late September cited an "impressive management team" and "world-class viticultural assets" that show there is a lot more to come from Treasury.

(Reporting By Rushil Dutta and Devika Syamnath in Bengaluru; Editing by Daniel Wallis)

((rushil.dutta@thomsonreuters.com; +91-80-6749-1130;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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