Food industry chief takes the helm at TWE

A former senior executive at Kraft Foods and Coca-Cola, will take the reigns at Treasury Wine Estates (TWE) at the end of March.

TWE named Michael Clarke as its new CEO following on from the departure of David Dearie in September.

Clarke will relocate from London, where he has until recently led Premier Foods, one of the largest branded food producers in the UK, where he was credited with turning that company around.

Between 1996 and 2008, Clarke held various roles at The Coca-Cola Company including president of South Pacific and Korea, and president of North West Europe and Nordics.

He was president of Kraft Foods Europe, headquartered in Zurich until August 2011, when he was appointed CEO of Premier Foods, a post he held until January last year.

TWE is one of the largest wine producers with over 80 brands including Penfolds and Wolf Blass, but the company has struggled in international markets of late.

Last July, TWE announced a $154.3 million provision that included the $34 million cost of destroying up to 600,000 cases of old and unsold wine in the US.

The company has also seen reduced demand for luxury wines in China due to the government's austerity measures.