Treasury Wines (ASX:TWE) Chief Executive Michael Clarke to retire

Treasury Wine Estates (ASX:TWE) Chief Executive Michael Clarke will retire from the role of Managing Director and Chief Executive Officer in the first quarter of fiscal 2021.

Treasury Wines has announced that Tim Ford, the Company’s Chief Operating Officer will be appointed to the role of Chief Executive Officer, effective from Clarke’s retirement.

Ford has worked alongside Clark, and in a diverse range of executive leadership roles at the company for the past eight years. As Chief Operating Officer, he has been running the operation of all Treasury Wine regions since January 2019.

The company has thanked Clarke for his contribution saying the structural changes and initiatives delivered by Michael and his team have established Treasury as a significantly stronger business than when he first joined the Company.

Shares in Treasury Wines (ASX:TWE) are trading 8.7 per cent lower at $16.99.

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Source: Finance News Network