Treasury Wine Estates is facing class action from its investors following an impairment of AU$19 million it made last year.
Andrew Carter, chief commercial officer for APAC & EMEA at Treasury Wine Estates has decided to leave after the wine group announced “substantial changes to its business model”.
Treasury Wine Estates has said it expects a AU$260 million impairment to its assets by the end of the year as it writes down the value of its wine business and embarks on a massive restructure.
Struggling wine group Treasury Wine Estates is to cut around 5% of its global workforce in order to invest more heavily in marketing and promoting its brands.
Troubled wine group Treasury Wine Estates has dismissed a bid from US equity firm, Kohlberg Kravis Roberts (KKR), worth just over AU$3 billion.
Treasury Wine Estates’ shares jumped 14% today after it was reported that Pernod Ricard was interested in buying its US assets.
Treasury Wine Estates’ new CEO Michael Clarke has fuelled speculation that the group may sell off its Beringer brand as he confirmed an immediate need to cut costs.
Australian wine sales have fallen flat in China, with one producer admitting that the country is not “the El Dorado” the industry was hoping it to be.
One of the most challenging jobs in global drinks has gone to an executive with no experience of the wine industry.
Michael Clarke has been named as the new CEO and managing director of Treasury Wine Estates.
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