Treasury Wine shares tumble on CEO exit
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More news: Shares in Treasury Wine Estates have dropped more than 5% to $8.66 in early trading after the country's top winemaker announced that CEO Tim Ford will leave the company after five years in the role.
It named Lion boss Sam Fischer as his replacement following a comprehensive global search.
Lion's Sam Fischer to replace Tim Ford as Treasury Wine CEO
The news: Australia’s top winemaker Treasury Wine Estates has announced that CEO Tim Ford will leave the company and has named Lion boss Sam Fischer as his replacement.
The numbers: Ford, who has been the CEO and managing director for five years, will step down on 30 September. Fischer will step into the role effective 27 October. The appointment is conditional on the completion of regulatory checks and approvals.
The context: Treasury Wine said succession planning by the board has been underway for an extended period of time and included a comprehensive global search, which culminated in Fischer’s appointment.
Fischer has spent three years as the CEO of Lion, which is part of Japanese beverages giant Kirin. He has previously spent 15 years at global alcohol beverage maker Diageo and similar time at consumer goods giant Colgate Palmolive.
“With over 30 years of global leadership experience, Sam brings proven CEO credentials, exceptional strategic acumen, and deep expertise in alcohol beverages, consumer goods and luxury brand building, accompanied by a strong track record of driving business growth,” Treasury Wine chairman John Mullen said.
The source: ASX
