New CEO for Treasury

Michael Clarke has been named as the new CEO and managing director of Treasury Wine Estates.

Clarke (pictured) takes over from David Dearie who left the company in September 2013 following reports of serious losses in Treasury’s US business.

He will take over fully from interim chairman Warwick Every-Burns on 31 March.

Clarke joins from outside the drinks trade but has over 20 years experience in senior positions at consumer goods companies, including a tenure as president of Kraft Foods Europe and 12 years at Coca Cola where he was a senior executive in the Northwest Europe & Nordics business unit.

He also led Coca Cola’s South Pacific & Korea business for five years during which time he was based in Sydney.

Treasury chairman, Paul Rayner, said: “Our recruitment process generated significant interest internationally and we were privileged to have an excellent short list of candidates for this role. Mike was chosen because of his strong balance of strategic and operational skills, and his truly global perspective.”

Clarke added: “I’m incredibly excited to have been given the opportunity to return to Australia and lead Treasury Wine Estates and its portfolio of truly iconic wine brands.

“I recognise that TWE, like most companies, has its challenges but I believe the opportunities are immense, and I look forward to working with my colleagues across the business to ensure that these are fully realised”.