Treasury management overhaul

Treasury Wine Estates boss Michael Clarke has rejigged his management team.

Treasury Wine Estates chief executive Michael Clarke.

Fresh after arriving in California’s Napa Valley where he set up his new chief executive headquarters, Treasury Wine Estates boss Michael Clarke has rejigged his management team to elevate the leader of the winemaker’s stunning success in Asia to his second in command and in pole position to be the next CEO.

Robert Foye, president and managing director of Asia and Europe for the world’s biggest publicly listed winemaker, will become president of North America and Latin America from January 1 next year.

In addition to his oversight of one of the most important regions in Treasury Wine Estates’ business, with the winemaker booking more than one third of its sales from the Americas, Mr Foye will also take on the role of chief operating officer, effective immediately.

It means Mr Foye will work closely with Mr Clarke to oversee all parts of the business, spanning America, Europe, Asia and Australasia, and puts the 22-year Coca-Cola Company veteran as the most obvious heir apparent to Mr Clarke when he decides to depart.

Since being appointed CEO of Treasury Wine Estates in 2014, Mr Clarke has pushed through reforms and new products, changing the date of the release of its Penfolds vintage and earlier this year announcing the temporary relocation of the CEO’s office to the Napa Valley.

Under his watch, the Treasury Wine Estates share price has more than tripled.

Other changes yesterday include North America boss Bob Spooner returning to Australia and delaying his retirement to assume the role of general manager, global strategic initiatives, systems and processes, reporting directly to Mr Clarke.

“These changes demonstrate the flexibility and depth of Treasury Wine Estate’s global talent pool,’’ Mr Clarke said.