By James Atkinson

Treasury Wine Estates (TWE) has announced that non-executive director, Paul Rayner, will become the company's new chairman, succeeding Max Ould from September 1.

Ould's intention to step down as chairman was announced at the company's last AGM.

The board also announced that it is appointing three new non-executive directors: Ed Chan, Garry Hounsell and Michael Cheek.

Chan is a Hong Kong resident who is currently vice chairman of Charoen Pokphand Group and was previously the president and CEO of Wal-Mart China.

Hounsell, who will succeed Paul Rayner as chair of the company's audit and risk committee, is an Australian resident and the current chairman of mining company PanAust.

Cheek is an American resident who has held prior roles as chairman of Finlandia Vodka Worldwide for Brown-Forman Corporation, and also as a non-executive director for Scottish single malt whisky brand, Glenmorangie.

Ould said the appointments are all affective from September 1 and endorse the company's process of "orderly and productive succession planning".

"It has been both a pleasure and privilege to have served as the first chairman of Treasury Wine Estates and it is with comfort and confidence that I pass the baton on to Paul," he said.

The Shout Team

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