Australian wine major Treasury Wine Estates (TWE) has named Sam Fischer, current chief executive at local beer and spirits group Lion, as its new CEO and managing director.
Fischer will succeed outgoing CEO Tim Ford, who took up the role in 2020.
In a stock exchange filing, the Penfolds brand owner said the appointment follows a “succession planning” process which included a “comprehensive global search”.
Fischer will take up the position on 27 October, subject to receipt of regulatory approvals.
Meanwhile, Ford will remain in the role until 30 September to “ensure a smooth transition”, the company said.
TWE chairman John Mullen said: “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.
“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.”
Fischer has over three decades of experience in the global alcoholic beverages, consumer goods, and luxury brand sectors.
At Lion, which is owned by Japan’s Kirin Group, Fischer has overseen beer, wine, spirits, and ready-to-drink operations across Australia, New Zealand, and the US, the statement said.
Before joining Lion, Fischer worked for 15 years at UK-based spirits giant Diageo, in roles including president of Asia Pacific and global travel president and as a member of the Diageo global executive committee.
Earlier in his career, he also held management positions at Colgate Palmolive in Southeast Asia and Eastern Europe.
He has also served as a non-executive director at Burberry Group since 2019.
Mullen added: “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.
“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.”
Fischer said TWE has “enviable portfolio of brands, global footprint, strong luxury-led strategy and highly talented team”.
He added that in the new role, he aims to “build on the excellent foundations to lead the next phase of TWE’s exciting evolution.”
Fischer joins TWE following the company’s announcement of a profit warning earlier this year.
At the time, the group said it expected roughly A$780m ($498.1m) in EBITS for its fiscal 2025, which is the lower end of its former $780m to $810m guidance range.