Treasure Wine Estates (TWE) managing director and CEO Michael Clarke has announced his retirement, with the company’s COO Tim Ford stepping up to the top role in his place.
Clarke has held the role of TWE CEO since 2014 and has been involved the food and beverage sector for almost three decades, holding senior positions at Kraft Foods, The Coca-Cola Company and Premier Foods.
Clarke will retire in the first quarter of 2021 and has agreed to act as a company advisor for up to an additional year to provide strategic support, including potential merger and acquisition opportunities.
“It is without question the extraordinary transformation and outstanding financial returns that TWE has achieved, have been driven by Michael’s leadership over the past five and a half years,” said TWE chairman Paul Rayner.
“The structural changes and initiatives delivered by Michael and his team have established TWE as a significantly stronger business than when he first joined the Company, and one that is very well placed to continue delivering sustainable, margin accretive growth well into the future.”
In the position of COO since January, Ford has held a number of roles in TWE over the past eight years, including senior vice president of supply (Americas) in the US, director of global supply and deputy COO.
Rayner said Ford’s depth and breadth of experience within the business is well proven, and is“confident he is a strong leader to take TWE into its next exciting phase”.
Upon his retirement, Clarke intends to return to the UK to focus on spending time with his family.
