Treasury Wine Estates COO Robert Foye has abruptly departed the company.
TWE said the decision was “effective immediately due to a breach of TWE’s internal policies unrelated to the Company’s trading performance”.
Tim Ford, Deputy Chief Operating Officer will assume the role of COO and take responsibility for oversight of TWE’s
operating regions across the global business, reporting to CEO Michael Clarke.
Foye became COO on January 1, 2018. He was working closely with Clarke to oversee all major operating units across the global business.
At the time of his appointment, the Australian Financial Review reported the move signalled Foye “has been anointed as the likely successor to Treasury Wine Estates chief executive Mike Clarke” and described him as “the driving force behind the big rise in profits from Treasury’s China business.”
Foye’s role included responsibility for the North Americas and the revamp of TWE’s route-to-market distribution systems in the United States.
Following his departure, TWE’s operating regions will continue to be led by the following members of the Executive Leadership Team:
• Victoria Snyder – President, Americas
• Angus McPherson – Managing Director, Australia & New Zealand and Europe
• Peter Dixon – Managing Director, Asia
The Company reiterated that it will announce its audit reviewed interim results for fiscal 2019 on February 14, 2019. It confirmed in a statement to the ASX that it was “very happy with the trading performance across all operating regions” and said the results for 1H19 will reflect “a performance above consensus EBITS of A$332m, and will be within the range of $335million to $340million”.