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Treasury Wine Estates (TWE) has announced it has found a new chairman to replace Max Ould.  

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Paul Rayner, a non-executive director at the Melbourne-based winemaker and distributor, will succeed Ould, the group's first-ever chairman, on 1 September, the company said today (20 July). 

Ould, who has been in the post since May last year, said: "It has been both a pleasure and a privilege to have served as the first chairman of Treasury Wine Estates and it is with comfort and confidence that I pass the baton on to Paul." 

The company is also appointing three non-executive directors - Ed Chan, Garry Hounsell and Michael Cheek - who will also take up their positions from September. 

Earlier this month, TWE revealed that Stephen Brauer, MD of its Beringer unit, had left the firm to pursue "external opportunities"


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