Tim Ford, CEO and managing director of Treasury Wine Estates, is leaving the company after 14 years including five as CEO
He will be replaced by Sam Fischer, CEO of Lion.
Mr Ford said: “Leading TWE over the past five years has without doubt been the highlight of my career.
“I am immensely proud of all that our team has achieved, both during my tenure as CEO and across my broader career at TWE.
“I thank our team for all their dedication in building TWE into a global leader in luxury wine.
“It has been my absolute pleasure and privilege to lead TWE and I have full confidence in Sam and our talented team’s ability to build on our position of strength and take the company forward over the long term, maximising the opportunities ahead.”
TWE says succession planning undertaken by the Board, with Mr Ford included, has been underway for an extended period of time, including a comprehensive global search, culminating in the announcement of Mr Fischer’s appointment.
“Mr Fischer is a proven CEO with more than 30 years of global experience in alcohol beverages, consumer goods and luxury brands, with an impressive track record leading organisations through periods of significant transformation and growth,” TWE says in a statement to the ASX.
“Mr Fischer is currently the CEO of Lion (owned by the Kirin Group), an alcohol beverage industry leader whose portfolio spans beer, wine, spirits and ready to drink beverages, through operations in Australia, New Zealand and the United States.
“During his three years with Lion, Mr Fischer has delivered decisive leadership to return the business to a market leader with a high-performance culture.”
Prior to joining Lion, Mr Fischer spent 15 years with global alcohol beverage leader Diageo in various roles, including as President, Asia Pacific & Global Travel and as a member of the Global Diageo Executive Committee, reporting to the CEO.
During this time, Mr Fischer led the establishment and expansion of numerous luxury brands across Diageo’s key markets, including seven years leading Diageo’s Greater China and Asia Pacific region, where he transformed the business and achieved exceptional growth.
Earlier in his career, Mr Fischer spent 15 years in consumer goods with Colgate Palmolive, encompassing sales and general management leadership roles in markets across Southeast Asia and Eastern Europe.
Since 2019, Mr Fischer has been a non-executive director with the global luxury goods business, Burberry Group.
Chairman John Mullen said: “Following an extensive global search for Tim’s successor, I’m thrilled to welcome Sam to TWE.
“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.
“Having assessed a highly competitive field of candidates, the Board and I firmly believe that Sam is the right person to lead TWE into its next era of growth and performance.”
Mr Mullen said Tim Ford has led TWE during a period of significant change and will be known for his courage in setting bold ambitions, leading to the delivery of significantly strengthened financial performance.
“As CEO, Tim has stewarded the company through the pandemic, the application and removal of tariffs on Australian wine into China and the transformation of the business to its divisional operating model, led by Penfolds,” he says.
“Concurrently, Tim instigated the strategic portfolio shift to luxury wine which included the divestment of the US commercial wine business, and the acquisitions of the Frank Family Vineyards and DAOU luxury brands.
“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.
“He will be missed, and we sincerely thank Tim while wishing him every ongoing success.”