TWE’s COO makes abrupt departure

Robert Foye, the Chief Operating Officer of Australian wine giant Treasury Wine Estates, has abruptly departed the company due to a “breach of TWE’s internal policies”, the Australian company has announced in a statement.

Foye joined the company in 2014 after his role with Coco-Cola and was credited for driving strong growth in Asia and stablising company business in Europe.

In May 2017 Foye was promoted to the position of COO, and shortly also assumed position of president of North America and Latin America on 1 January 2018.

The promotion was seen early on as a sign that he was anointed as a likely successor of company CEO Michael Clarke.

The company did not specify the exact reasons for his departure but said that it was unrelated to TWE’s financial performance, stressing the company is “very happy” with the trading performance across all operating regions.

  • The results for the first half of fiscal year 2019 will reflect a performance above consensus EBITS of AU$332 million, it added, and full year guidance of approximately 25% reported EBITS growth for fiscal 2019 is reiterated in the statement.

Meanwhile, TWE’s deputy COO Tim Ford will assume the role of COO and take responsibility for oversight of TWE’s operating regions across the global business, reporting to Michael Clark, the company says.

TWE’s interim results for fiscal 2019 will be announced on 14 February.

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