AUS: Treasury Wine Estates appoints new CEO
TWE will have a new CEO & MD from next month
Treasury Wine Estates has appointed a former Coca-Cola Co, Kraft Foods and Premier Foods executive to lead the group as its new MD & CEO.
Michael Clarke, 49, will take up the dual role from March 31, the Melbourne-headquartered group announced today (19 February). Clarke, whose most recent post was as CEO of UK-based Premier Foods, replaces David Dearie who left TWE in September.
The announcement came as the group today announced a 37.6% drop in reported first-half earnings before interest, tax, SAGRA, and material items (EBITS), as sales were flat. However, the company's net profits jumped, thanks to a tax benefit.
TWE has struggled after a AUD160m (US$145.7m) stock writedown in the US last year. The company flagged up the writedown in its anouncement around Dearie’s departure.
New CEO Clarke, who has also spent 12 years in various executive roles at the Coca-Cola Co, said: “I recognise that TWE, like most companies, has its challenges but I believe the opportunities are immense and I look forward to working with my colleagues across the business to ensure that these are fully realised.”
Clarke will relocate from London to Sydney, where he was once based as head of Coca-Cola’s South Pacific and Korea business.
TWE chairman Paul Rayner said Clarke has “proven leadership ability and a track record of consistently driving improved business results”.
He added: “We are confident he will drive the change an deliver the value our stakeholders expect.”
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