Treasury Wine Estates announced during its interim 2017 financial results this week that CEO Michael Clarke will temporarily co-locate between the business' offices in Australia and the United States from 1 March this year.
A strategic move to help bolster and reposition TWE in the US, Clarke will manage both markets for at least ten months, with the period to be reviewed by 31 December.
With the ANZ, Asia and Europe businesses now established and stable, Clarke's focus will be on transitioning the US business model and portfolio from agricultural to brand-led. He will also be working on building stronger partnerships in the market with strategic distributor and retail customers.
TWE Chairman, Paul Rayner, explained the move: "The US is the largest contributor to TWE's profit, while also presenting the largest opportunity for both absolute profit growth and margin expansion.
"Our outstanding and highly collaborative management team supporting the Chief Executive Officer will ensure that this temporary arrangement drives the best outcomes for TWE globally."
Clarke will be joined in the US by TWE's new Chief Financial Officer, Gunther Burghardt, who was named for the role in the same announcement, following the news that existing CFO Noel Meehan wouldn't be relocating.Share the content
