Investors cheer Treasury Wines’ revamp but Foye warns things still ‘need to change’
The former heir apparent at Australia’s pre-eminent winemaker says its strategic restructure does not go far enough
The one-time heir apparent at Treasury Wine Estates has endorsed the company’s decision to restructure its global operations but warned the owner of the Penfolds, Beringer and 19 Crimes labels will need to go much further to reclaim its former glory.
Robert Foye, the former chief operating officer of Treasury and former chief executive of rival Accolade Wines told Capital Brief his public campaign for reform at the struggling ASX listed company probably played a role in the restructure it announced on Wednesday 22 April.
“I think my campaign did influence that decision, but I don’t care who takes credit,” Foye said in a phone interview from Houston where he teaches a university MBA course.
“I’ve got to give credit to the company. I’m happy they did this, they needed to do this. But if they want to improve performance, things need to change.”
