Former JAB Holding CEO Olivier Goudet has become a minority shareholder of Treasury Wine Estates (TWE).
According to the filing, Goudet, alongside his investment arm Platin, has taken just over a 5% stake in the Australian wine major.
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Between 2012 and 2023, Goudet was managing partner and CEO of investment group JAB Holding Company, the parent of Keurig Dr Pepper, JDE Peet’s and Pret A Manger.
Up until last year, he was also chairman at JDE Peet’s. Goudet remains on the board of the coffee group as a non-executive director.
Shares in the Penfolds wine maker shot up just over 7% following its announcement on the ASX of Goudet’s move on 23 December.
At the time of writing today (5 January), shares in the business have still dropped 7.38% in the past month.
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By GlobalDataEarlier in December, TWE CEO Sam Fischer announced a “transformation programme” that will include a review of products and cost cuts at the Melbourne-headquartered group.
The new programme, called TWE Ascent, will look at three areas: an “evolution” of its portfolio; changes to the company’s “operating model” and the “optimisation” of costs.
TWE is looking to target A$100m ($66.9m) a year in cost savings over the next three financial years.
In the group’s update, Fischer, who became CEO in October, said the business was seeing “category weakness in the US and China, two of our key growth markets, which will impact our business performance in the near-term”.
TWE had highlighted problems in both markets several times in 2025.
At the beginning of December, the 19 Crimes producer forecast an impairment on its US assets, amounting to at least A$687.4m.
In October, the group also withdrew its fiscal 2026 earnings guidance due to an “uncertain outlook” for its Penfolds brand in China and Treasury Americas businesses.
Speaking about the transformation plan, Fischer said in December: “I’m energised by the opportunity to accelerate a transformation agenda to reshape TWE for its next era, leveraging these strong foundations. We have commenced work to identify opportunities to simplify the way we operate, to strengthen our execution focus right across the business and to realise significant cost benefits.”
TWE then said it was already bringing down inventories held by customers in the US and China amid what the company said was “moderated depletion growth expectations”.
Alongside the update, the group also revealed it had cancelled plans for a A$200m buy-back of shares in its current financial year.
