Tim Ford To Become Treasury Wine CEO On July 1February 12, 2020
Treasury Wine Estates announced today that CEO Michael Clarke will officially retire effective July 1, with current COO Tim Ford ascending to the chief executive role at the Australia-based wine giant.
Treasury had previously said Clarke would retire sometime in the company’s fiscal first quarter of 2021, which begins July 1. The company noted today that the slight acceleration of the timetable on the transition will allow Ford to be CEO for the full fiscal year.
Late last month, Treasury released results for its fiscal first half ended in December. While the company saw net sales rise 2% to A$1.5 billion ($1b) and EBITS climb 6% to A$367 million ($248m) globally, difficult conditions in the U.S. market weighed down results in that region, with net sales down 4.2% to A$613 million ($414m).—Daniel MarstellerSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.
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