Treasury Wine Estates has announced the surprise departure of chief executive Tim Ford, to be replaced by the boss of beer and spirits group Lion Sam Fischer, as the company grapples with a global decline in wine consumption.

Fischer will be paid a $4 million sign-on fee for forgoing incentives with Lion, which is owned by Japanese giant Kirin, on top of a $1.75 million base salary package that can be more than doubled through short- and long-term incentives.