Off the Record: Former state cricketer takes guard at Treasury
This week, a former state cricketer takes guard at Treasury, why Peter Malinsauskas was spotted waiting outside The Advertiser and Christopher Pyne throws a party.
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In this week’s Off the Record: Former state cricketer takes guard at Treasury, while Labor leader Peter Malinsauskas loses best media source and Christopher Pyne throws a party.
Ford to take the crease
It’s akin to coming in to bat after Steve Smith has just racked up a double century, but with a firm cricketing pedigree behind him new Treasury Wine Estates boss and Adelaide expat Tim Ford will be hoping to put some good runs on the board.
Ford, an Immanuel College alumnus, was a handy cricketer in his day, captaining both the Prospect District team and the State under 19s as a wicketkeeper/batsman. He will take the helm of Treasury Wine Estates, which produces Penfolds and Wolf Blass among other super-premium brands, when current chief executive Michael Clarke (no, not the cricketer) retires in early 2021. Ford is well prepared for the role, having been with Treasury since March 2011, and is currently the company’s number two in the role of chief operating officer. But they are big shoes to fill.
When Clarke took over in 2014 the company’s shares were trading below $4 and it was fending off a hostile takeover approach from New York private equity raiders KKR. Clarke had no wine industry experience, but wasted no time in tearing up the rule book and putting Treasury on a path to growth.
He did this in part by flipping the Penfolds annual vintage release from May to October, meaning reps didn’t have to try to flog millions of dollars worth of one of the world’s best red wines in a rush before the end of the financial year.
An analyst call held in the wake of the announcement that Clarke would step down, held earlier this week, was reportedly more of a celebration of his tenure than your traditional grilling, and with the stock trading at almost $18 it’s not hard to see why.
The stock took a hammering when it was announced Clarke would leave, but given he’s going to hang around for a while yet, and stay on as a consultant, you could put that down to market jitters. Clarke will reportedly pocket at least $50 million from his time at Treasury, and consensus is he’s been worth every penny.
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Pyne and partner’s new gig
The post-political career of Christopher Pyne has been a little controversial, particularly his role with professional services firm EY.
The teflon-coated Pyne has brushed off attacks, as befits a former defence minister, and is now poised to launch his latest venture - an eponymous “strategic advisory firm”.
Pyne has, once again, gone into business with his former chief of staff and long-term adviser Adam Howard.
The pair will launch Pyne & Partners next month at the up-market 2KW bar and restaurant, on the corner of King William St and North Tce. Investment banker and Duxton Asset Management group chairman Ed Peter, who has been in the news for the firm’s water arm, is a co-owner of 2KW.
Howard, pictured below with Pyne and their staffer Cristian Di Iulio, is the principal and founder of GC Advisory, of which Pyne has been a director since July.
Malinauskas retires
Some might credit Opposition Leader Peter Malinauskas’s political smarts when they learn his mother was embedded at The Advertiser for many years.
But Kate Malinauskas started her association with the newspaper in 1972 — eight years before the birth of her eldest child, now the Labor leader.
The long-serving editorial library assistant retired last week and her abilities will be missed by this column.
As a surprise, her family — husband Peter, sons Peter and Robert and daughter Elizabeth — waited outside The Advertiser’s Waymouth St headquarters as she left for the final time.
It was somewhat of a twist on journalists waiting outside buildings for politicians to emerge, as we lurked with “Mali” to document his mother’s farewell.
By all reports, the surprise dinner went very well and we wish our former colleague all the best.
Promo gig
The deputy director of the Adelaide Fringe, Belinda Redman, has won the gig as the first director of state promotions.
Redman, who is also the wife of lobbyist and former Liberal Party staffer Andrew Coombe, had been with the Fringe since 2010.
The state promotions role falls in the department of trade, tourism and investment and is part of the restructure undertaken after minister David Ridgway stopped funding Brand SA earlier this year.
Bake off
There’s a new cooking champ in town. After taking the politician’s cooking challenge title at last year’s Coonalpyn Show Tim Whetstone didn’t even figure in the top three at this year’s event. This year’s winner was deputy premier Vickie Chapman who took first place with her Victoria sponge, Labor’s Emily Bourke was runner-up with Adrian Pederick a gallant third.
Organiser Julianne Wandel say all this year’s contestants have pledged to make a return in 2020 when a banana cake will be the cake on the menu.
