Treasury Wine Estates announced the resignation of CEO, Tim Ford, with news the CEO of Lion, Sam Fischer, will replace him from 27 October. Ford has been at TWE for 14 years, five as CEO and managing director. Fischer will receive a $4 million sign-on fee as compensation for forgoing incentives with Lion.
Fischer has more than 30 years of experience in the alcohol industry as well as consumer goods and luxury brands. He has been on the board of Burberry Group since 2019.
He was CEO at Lion for three years, having spent 15 years at Diageo including Asia Pacific & Global president and prior to that, 15 years at Colgate-Palmolive.
Since 2023, Fischer has overseen a major business review and restructure, including a number of changes in the group leadership team and acquisitions.
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.”
Lion chair, Rod Eddington, told Lion employees Fischer had “an incredible impact” during his time at the company.
“The new operating model that Sam designed and implemented has resulted in more empowered business units in each of the three countries where we operate, leaner teams supporting our markets, and a strong focus on commercial performance.
“This approach has unlocked increased investment – much of which has been refocused back into Lion’s world-class brands, digital transformation and product innovation... We’ve got great momentum as a result of Sam’s efforts,” Eddington said.
Lion has now begun looking for his replacement.
At TWE, CEO Tim Ford will remain until 30 September. TWE chair John Mullen said Ford had led the company through significant change.
“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. He will be missed, and we sincerely thank Tim while wishing him every ongoing success,” Mullen said.
Ford said the last five years were the highlight of his 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.
“It has been my absolute pleasure and privilege to lead TWE, and I have full confidence in Sam and our talented team’s ability to build on our position of strength and take the company forward over the long-term, maximising the opportunities ahead,” Ford said.
