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Treasury Wine Estates (ASX: TWE) has named Sam Fischer, the boss of Kirin Group subsidiary Lion, to succeed longtime CEO Tim Ford who will leave the company in October after 14 years with the group.
Ford, who has been CEO of Treasury Wine for almost five years, will remain in the role until 30 September 2025.
Treasury Wine, which produces the Penfolds, Wolf Blass and Lindeman’s labels, says the leadership transition has been in train for some time, with the appointment of Fischer coming on the heels of a “comprehensive global search’ for Ford’s replacement.
Fischer is CEO of Lion which controls a portfolio of beer, wine, spirits and ready-to-drink beverages through operations in Australia, New Zealand and the US.
He brings to Treasury Wine more than 30 years of global experience in alcohol beverages, consumer goods and luxury brands, with the company adding that he has “an impressive track record leading organisations through periods of significant transformation and growth” including 15 years with beverage giant Diageo.
“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,” says Treasury Wine chairman John Mullen.
“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.”
Mullen paid tribute to Ford’s leadership of Treasury Wine Estates over the past five years, a period that included the challenges of tariffs imposed on Australian wines by China.
“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,” says Mullen.
“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.”
Mullen adds that Treasury Wine Estates is a “significantly stronger and more focused business” due to Ford’s leadership.
“Leading TWE over the past five years has without doubt been the highlight of my career,” says Ford.
“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 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.”
Fischer will assume the CEO’s position at Treasury Wine on 27 October 2025, with the company offering him a salary package with a base rate of $1.725 million a year plus incentives.
“It’s a privilege to be joining TWE with its enviable portfolio of brands, global footprint, strong luxury-led strategy and highly talented team,” says Fischer.
“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.”
Treasury Wine Estates posted a solid profit performance in the latest half year, with statutory net profit after tax surging 32.5 per cent to $220.9 million.
The group’s Penfolds division helped drive that growth, particularly in China and other key Asian markets.
While the group’s luxury portfolio has shown resilience, Treasury Wine’s premium and commercial portfolios were down in the first half of FY25 which the company says reflected ongoing softness in consumer demand for wine at lower price points.
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