Australian wine giant Treasury Wine Estates’ head of Europe, Middle East and Africa (EMEA) department has resigned two years on the job following the group’s internal restructuring that streamlined regional offices to focus on three main divisions.
Michelle Brampton has tendered her resignation and will leave her role by end of June this year, two years after she was appointed to her current role.
The news broke just after the group announced its internal restructuring last week that will consolidate its regional divisions into three portfolio-driven divisions.
TWE’s flagship brand Penfold will be run as a separate division led by the current Managing Director of Asia, Tom King, though its demerger plan was shelved.
A Treasury Premium Brands division is set up and will be led by Managing Director Australia and New Zealand, Peter Neilson. In addition, Managing Director of Americas Ben Dollard will lead the third division, Treasury Americas.
The restructuring was announced on February 17 on the same day when TWE announced its lackluster half year financial result of its fiscal 2021 year, which saw its profit plunging 24% to AU$175.3 million due to the global pandemic and crushing tariffs on Australian wines from its most profitable market in China.
In its latest financial report, EMEA reported a 22% decline in EBITS to AU$25 million and an EBITS margin of 11.5% (down 5.3%), with top-line growth driven by strong performance in retail channels.