Treasury Wine Estates (TWE) named Sam Fischer as its next chief executive officer, replacing Tim Ford after a five-year tenure that saw the company navigate pandemic disruptions, trade tariffs, and a strategic overhaul of its wine portfolio.
Fischer, currently CEO of Lion — a beverage business owned by Japan’s Kirin Holdings — will take the reins of Australia’s largest listed wine company on October 27. He brings more than three decades of global experience in alcoholic beverages, consumer goods, and luxury branding, including senior roles at Diageo, Colgate Palmolive and fashion house Burberry.
The appointment follows a lengthy global search led by TWE’s board and comes at a pivotal time for the maker of Penfolds, Wolf Blass and Wynns, as it sharpens its focus on becoming a global luxury wine house amid headwinds from softening global wine consumption and tariff uncertainty in the U.S.
“It’s a privilege to be joining TWE with its enviable portfolio of brands, global footprint, strong luxury-led strategy and highly talented team,” Fischer said in a statement. “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.”
Fischer’s move comes after three years at Lion, where he delivered decisive leadership to return the business to a market leader with a high performance culture. Prior to that, he served as President of Diageo’s Asia Pacific and Global Travel divisions, spearheading the expansion of luxury brands in key markets including Greater China.
Chairman John Mullen said Fischer’s leadership credentials and strategic acumen made him the “right person” to steer TWE’s next era of growth. “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,” Mullen said.
Ford, who will step down on Sept. 30, exits after a 14-year career with TWE. He led the company through COVID-19, the imposition and eventual lifting of China’s punitive tariffs on Australian wine, and a major restructuring that saw the divestment of lower-margin U.S. commercial brands and the US$1 billion acquisition of DAOU.
“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,” Mullen said, Paying tribute to Ford’s contribution.
Reflecting on his tenure, Ford said: 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.”
Fischer’s compensation package includes a fixed salary of AU$1.73 million, short- and long-term incentives worth up to 355% of his base pay, and a sign-on bonus valued at AU$4 million to offset forfeited benefits at Lion. His appointment is subject to regulatory approvals and shareholder sign-off on some components of the remuneration package.
TWE shares were little changed in Sydney trading following the announcement.
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