Treasury Wine Estates has hired Lion boss Sam Fischer to become its new CEO.
Fischer will join the Australian wine maker in October, succeeding Tim Ford who will depart TWE in September after 14 years with the company and five as its CEO.
Currently the CEO of Kirin-owned Australasian drinks company Lion, Fischer brought “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 said in a statement.
Prior to joining Lion in 2022, Fischer spent 15 years in various roles at Diageo, including heading up the company’s Asia-Pacific and global travel retail division. Before this, he worked in sales and general management at Colgate Palmolive.
His appointment at TWE will net him a base salary of A$1.73m (£840,000) as well as a signing on bonus of A$4m. Meeting short and long-term incentives could see Fischer more than double his annual salary, TWE said.
“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,” TWE chairman John Mullen said. “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.”
Paying tribute to the departing Ford, Mullen added: “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. 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.”
Fischer said: “It’s a privilege to be joining TWE with its enviable portfolio of brands, global footprint, strong luxury-led strategy and highly talented team. I’ve long admired the business and it’s an honour to have been selected by the board to build on the excellent foundations to lead the next phase of TWE’s exciting evolution.”
In February, TWE abandoned plans to offload a raft of mainstream wine brands, including Blossom Hill and Wolf Blass after offers received “did not represent compelling value”.
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