Adds particulars on retiring CEO, background on firm
Adds particulars on retiring CEO, background on firm
Oct 21 (Reuters) – Australia’s Treasury Wine Estates TWE.AX on Monday mentioned Chief Govt Michael Clarke would retire from his position within the first quarter of fiscal 2021.
Clarke would get replaced by incumbent chief working officer Tim Ford, the corporate mentioned in an announcement.
He would additionally function an advisor to the corporate for as much as a further one-year interval after his retirement “to offer strategic help throughout key initiatives together with potential merger and acquisition alternatives.”
The Melbourne-headquartered firm is within the strategy of switching from lower-margin low-cost wine to extra worthwhile mid-range and luxurious merchandise, with plans to take a position extra in its French belongings.
Clarke’s tenure as CEO, which started in March 2014, has seen shares of the winemaker surge nearly fivehold and brokerage Morgans in late September cited an “spectacular administration staff” and…