Treasury Announces Executive Restructure

FILED NOVEMBER 26, 2013

Dear Client:

As you know, Treasury Wine Estates has been in the spotlight lately after announcing an $145 million write down against its U.S. business and parting with former chief David Dearie, in the wake of which chairman Paul Rayner said the company would search for "a leader with a stronger operational focus to deliver the Company's growth ambitions."

Tonight TWE announced its latest plan to simplify operations. Most notable to us in the US, Sandra LeDrew, currently managing director of Treasury Wine Estates Americas, will head the Americas as regional chief commercial officer.

In all, "TWE will have a much simpler and more effective structure," says chief Warwick Every-Burns. He now has 7 direct reports compared to the previous 13, "with each person on my new leadership team having clear responsibility and accountability for a distinct function or geographic region."

In the past, TWE's executive team included the leaders of 5 brand business units (Beringer, Rosemount, Penfolds, Lindemans and Wolf Blass) and 4 regional business units. These 9 roles will be condensed to 3, including one chief marketing officer and 2 regional chief commercial officers, including Sandra as we mentioned above. Andrew Carter will head Asia Pacific/Europe, Middle East and Africa. They will both report to Simon Marton, who was named chief marketing officer. In a statement, the company said it was confident that these changes will help the company win in the Americas region as it will be able to make "better and faster decisions at a country level."

Most of those who were previously on TWE's executive leadership will stick around, although Chris Flaherty (currently managing director of Australia and New Zealand) and Anthony Davie (currently managing director of Asia) will be leaving the company.

And finally, Warwick said this: "Wine is a complex business and to deliver on TWE's strategic growth ambitions we need to ensure that our management structure is as simple and effective as possible. I am confident that these changes will help drive our business forward and that, two and a half years on from our establishment as a standalone company, an improved management structure and operating model is required to deliver the next level of commercial performance."

With immediate effect, TWE's new executive leadership team is as follows:

Chief Executive Officer: Warwick Every-Burns
Chief Financial Officer: Tony Reeves
Chief Legal Officer: Paul Conroy
Chief Supply Officer: Stuart McNab
Chief Human Resources Officer: Megan Collins
Chief Marketing Officer: Simon Marton
Chief Commercial Officer-APAC/EMEA: Andrew Carter
Chief Commercial Officer-Americas: Sandra LeDrew


Happy Thanksgiving!

Until Monday, Emily

"Your past is just a story and once you realize this it has no power over you."
-- Chuck Palahniuk

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