Penfolds owner Treasury Wine poaches Lion beer boss Sam Fisher as new CEO

Sam Fischer, who has more than 30 years experience in beer and spirits, plus fashion through his directorship of British fashion icon Burberry, has been tasked to lead Treasury Wine into its ‘next era of growth’.

Treasury Wine Estates’ new CEO Sam Fischer. Picture: Brad Hunter/The Australian

Treasury Wine Estates, the owner of Penfolds, Wolf Blass and Lindeman’s, has turned to beer and spirits veteran Sam Fischer, the current boss of brewer Lion, and who also sits on the board of British luxury fashion business Burberry Group to be its new chief executive.

Mr Fischer, who will replace Tim Ford, will be paid a starting salary of $1.725m a year but will also trouser a sign-on award of $4m to compensate for lost incentives as he leaves his current position at brewer Lion after his poaching by Treasury Wine.

He will start on October 27 and comes to the business at a time when its most important market China has been opened again for business after the dismantling of crippling tariffs and Treasury Wine contemplates the future of its long tail of cheap, commercial wines that had previously been offered for sale.

The current CEO of Japanese-owned beer group Lion – which owns popular beers such as XXXX, Tooheys, Hahn and Stone & Wood – Mr Fischer has also spent 15 years at global spirits giant Diageo and will now inherit at Treasury Wine a bulging portfolio of premium and luxury US wine assets and a growing vineyard business in China that Mr Ford has spent amassing. But he also inherits a challenge in the underperformance of its commercial wines like Wolf Blass, Lindeman’s and Yellowglen with Mr Ford accelerating the winemaker’s pivot to more expensive wines led by Penfolds which attracts better margins and profitability.

The handover comes as Mr Ford has been with Treasury Wine for 14 years, the last five as CEO. He led Treasury Wine through one of its most challenging periods when China imposed 100 per cent-plus tariffs on Australian wine in the wake of political tensions between Beijing and Canberra and which strangled its most profitable market.

US rapper and brand ambassador for 19 Crimes Snoop Dogg meets with Treasury Wine Estates CEO Tim Ford.

Mr Ford also bought up wineries in the US, spending $1.6bn in 2023 to purchase Californian luxury wine group Daou Vineyards and another US winemaker, Frank Family Vineyards, for $434m in 2021 as he led a charge into California and the US premium wine market.

These assets, as well as the recent purchase of a Chinese winery by Mr Ford, will now be led by Mr Fischer as he faces a volatile trading environment around trade, tariffs and global economic growth.

Mr Fischer has more than 30 years of global experience in alcohol beverages, consumer goods and luxury brands, and is currently the CEO of Lion – owned by the Japan’s Kirin Group – an alcohol beverage industry leader whose portfolio spans beer, wine, spirits and ready to drink beverages, through operations in Australia, New Zealand and the US.

During his three years with Lion, Mr Fischer has delivered decisive leadership to return the business to a market leader with a high performance culture, Treasury Wine said on Thursday.

Prior to joining Lion, Mr Fischer spent 15 years with global alcohol beverage leader Diageo in various roles, including as president, Asia Pacific and Global Travel and as a member of the Global Diageo executive committee. Since 2019, Mr Fischer has also been a non-executive director with Burberry.

Treasury Wine Estates CEO Tim Ford will step down in October. Picture: Luis Ascui

Treasury Wine chairman John Mullen says following an extensive global search for Mr Ford’s successor, he was “thrilled” to welcome Mr Fischer to Treasury Wine.

“With over 30 years of global leadership experience, Sam brings proven CEO credentials, exceptional strategic acumen, and deep expertise in alcohol beverages, consumer goods and luxury brand building, accompanied by a strong track record of driving business growth. “Having assessed a highly competitive field of candidates, the board and I firmly believe that Sam is the right person to lead Treasury Wine into its next era of growth and performance.”

“It’s a privilege to be joining Treasury Wine with its enviable portfolio of brands, global footprint, strong luxury-led strategy and highly talented team,” said Mr Fischer.

“I’ve long admired the business, and it’s an honour to have been selected by the board to build on the excellent foundations to lead the next phase of Treasury Wine’s exciting evolution.”

Mr Mullen said Mr Ford had led Treasury Wine during a period of significant change and would be known for “for his courage in setting bold ambitions, leading to the delivery of significantly strengthened financial performance.”

Under the terms of his CEO employment, Mr Fischer will be paid an annual remuneration of $1.725m and a sign-on award of $4m for incentives foregone with his previous employer. There will also be a spread of short term and long term incentive plans.

Originally published as Penfolds owner Treasury Wine poaches Lion beer boss Sam Fisher as new CEO