Treasury CEO given 30% pay rise

Michael Clarke, the CEO of Australian wine group Treasury Wine Estates, has seen his pay packet soar to £1.15 million off the back of the company’s “outstanding” results.

TWE chief executive Michael Clarke

The 30% rise comes months before Clarke’s pay was scheduled to be reviewed by the Penfolds and Wolf Blass wine producer.

However, chairman Paul Rayner said the new bumper pay cheque reflects the “outstanding nature” of the company’s recent results.

Clarke has overseen the complete turnaround of the company in his years at its helm, steering it back to profitability and building its portfolio with high-profile acquisitions, such as Diageo’s US wine businesses.

“The board believes it is entirely appropriate to recognise this through an increase in his fixed remuneration,” Mr Rayner is quoted by the Sydney Morning Herald saying.

In February, Treasury posted a 42% boost in first-half profits to AUS$60.6m (£31.6m), just one month after completing the Diageo wine takeover.

At the time of the results, Clarke said: “We have continued to embed a sustainable and more balanced business, with revenue and earnings growth being driven by all regions and across the portfolio of brands.”

Clarke’s next pay review will be in September 2017 rather than September 2016, when it was initially meant to take place.