Penfolds owner Treasury Wine Estates poaches new | Australian Markets
Penfolds owner Treasury Wine Estates has poached the boss of alcohol giant Lion, behind in style beer model XXXX, to be its new chief govt.
Sam Fischer will substitute Tim Ford, who’s leaving TWE after 14 years with the company, together with 5 years within the high job.
Mr Fischer has led Lion — owned by Japanese beverage giant Kirin — since 2022, overseeing a suite of beer manufacturers that additionally embody Little Creatures, James Squire and Emu Export throughout Australia, NZ and the US. He has additionally been a non-executive director at international luxurious items and fashion company Burberry.
Announcing the appointment on Thursday, TWE stated Mr Fischer had delivered decisive management to return Lion to a market chief with a high-performance tradition.
TWE shareholders didn’t welcome the news, sending shares 47¢ decrease to $8.65.
Mr Ford will stay as CEO till September 30 to make sure a easy transition, with Mr Fischer assuming the function in late October. Mr Fischer shall be paid a beginning wage of $1.725 million a yr, with a $4m sign-on bonus.
Mr Fischer stated he had admired the business and was honoured to have been chosen by the TWE board to guide its subsequent part of growth.
TWE chair John Mullen stated it was thrilled to welcome Mr Fischer to the company following an intensive international seek for Mr Ford’s successor.
“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,” Mr Mullen stated.
Mr Mullen additionally paid tribute to Mr Ford, who led TWE by way of a tumultuous time for the nation’s wine industry after China in 2020 imposed onerous tariffs of as a lot as 200 per cent on Australian wine exports.
It wasn’t till final April that China’s Ministry of Commerce lastly ended its trade limitations on Australian wine.
“TWE is a significantly stronger and more focused business as a result of Tim’s vision and leadership and the company will benefit from his legacy for many years to come,” Mr Mullen stated.
Mr Ford stated main TWE had been the spotlight of his profession and that he had full confidence in Mr Fischer’s means to take the company ahead.
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