By James Atkinson
New Treasury Wine Estates (TWE) CEO Michael Clarke (pictured) is set to make an introductory address to the market just days after officially commencing in his role.
The company announced this morning that Clarke had scheduled an “introductory call” for 10am Tuesday in a move that was met with surprise by analysts, given that the former Kraft Foods and Coca-Cola executive only started on March 31.
Clarke may be seeking to counter some of the negative reaction to his appointment in February, but tomorrow’s call risks compounding concerns about his lack of wine experience if questioning from analysts gets technical.
However, it does mean he can address the initial concerns and queries of shareholders, analysts and media in one fell swoop before knuckling down to focus on fixing the business.
A TWE spokesman told TheShout that Clarke felt the address was necessary because he was not in the country and therefore did not speak to any stakeholders when he was first appointed.
“He wanted to find some time in his first couple of weeks to talk through his background, some of the things he’s observed in a couple of weeks meeting people around the business, and obviously answer any initial questions that the market has,” the spokesman said.
“Mike was also conscious that we are not too far away from the blackout period ahead of our full year results so felt it was important to provide an opportunity to talk before that particular shutter comes down.”
Further coverage will be provided on TheShout in the coming days.