Treasury Wine Estates said it will appoint Tim Ford, currently chief operating officer, to the chief executive officer position following Michael Clarke’s retirement in the first quarter of 2021.
Clarke has agreed to serve as an advisor for up to one year following his retirement.
“It is without question the extraordinary transformation and outstanding financial returns that TWE has achieved, have been driven by Michael’s leadership over the past five and a half years,” said TWE chairman Paul Rayner,
“The structural changes and initiatives delivered by Michael and his team have established TWE 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. I, along with the Board, would like to sincerely thank Michael for his tremendous character and exceptional contribution to our Company, and for his ongoing support during the transition period, Rayner said, adding:
“Tim has worked alongside Michael, and in a diverse range of executive leadership roles at TWE for the past eight years. As Chief Operating Officer, he has been running the operation of all TWE regions since January 2019, and prior to that as Deputy Chief Operating Officer ran the Asia, Europe and ANZ regions.
“His depth and breadth of experience within our business is therefore well proven. I am confident he is a strong leader to take TWE into its next exciting phase. We have an excellent Executive Leadership Team in place and the Company’s five-year strategic plans demonstrate that the best years are still to come. I look forward to seeing the positive momentum in the Company continue,” Rayner said.