Treasury Wine Estates (TWE) has announced that Sam Fischer, currently Group CEO at Lion, will take over from Tim Ford as CEO and Managing Director in October.
TWE said that Fischer will replace Ford, who is leaving the business after 14 years, with the last five spent as CEO and MD. The winemaker said that it has been undertaking a global search “for an extended period of time”, culminating in today’s announcement of Fischer’s appointment.
Fischer has over 30 years of global experience in alcohol beverages, consumer goods and luxury brands, including 15 years with Diageo and the last three years with Lion.
TWE Chairman, John Mullen, said: “Following an extensive global search for Tim’s successor, I’m thrilled to welcome Sam to TWE. With over 30 years of global leadership experience, Sam brings proven CEO credentials, exceptional strategic acumen, and deep expertise in alcohol beverages, consumer goods and luxury brand building, accompanied by a strong track record of driving business growth.
“Having assessed a highly competitive field of candidates, the Board and I firmly believe that Sam is the right person to lead TWE into its next era of growth and performance.”
Speaking about his appointment, 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.”
Mullen also paid tribute to Ford’s leadership of TWE, he said: “Tim has led TWE during a period of significant change and will be known for his courage in setting bold ambitions, leading to the delivery of significantly strengthened financial performance. 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,” concluded Mr Mullen.
Ford said: “Leading TWE over the past five years has without doubt been the highlight of my 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.”
Lion told The Shout it will not be commenting on Fischer’s departure, but in an internal announcement to staff, Chair Rod Eddington said: “Over the last three years Sam has done an excellent job leading the transformation of Lion, and he now feels this is the right time to hand over the next phase of growth to the team.
“Sam has made an incredible impact during his time with Lion. Sam and his team have together transformed our business – with a new strategy for growth, a simplified and streamlined operating model, as well as a new ambition, behaviours and purpose.
“Sam has also been focused on attracting and developing world-class leaders and building high-performing teams across the business – and the people who he has had the opportunity to work with across Lion is one of the things he will miss the most.”
Fischer is set to start his new role with TWE in late October.