Penfolds owner Treasury Wine Estates poaches new CEO from beer giant Lion

Penfolds owner Treasury Wine Estates has poached the boss of alcohol giant Lion, behind popular beer brand XXXX, to be its new chief executive.

Sam Fischer will replace Tim Ford, who is leaving TWE after 14 years with the company, including five years in the top job.

Mr Fischer has led Lion — owned by Japanese beverage giant Kirin — since 2022, overseeing a suite of beer brands that also include Little Creatures, James Squire and Emu Export across Australia, NZ and the US. He has also been a non-executive director at global luxury goods and fashion company Burberry.

Announcing the appointment on Thursday, TWE said Mr Fischer had delivered decisive leadership to return Lion to a market leader with a high-performance culture.

TWE shareholders did not welcome the news, sending shares 47¢ lower to $8.65.

Mr Ford will remain as CEO until September 30 to ensure a smooth transition, with Mr Fischer assuming the role in late October. Mr Fischer will be paid a starting salary of $1.725 million a year, with a $4m sign-on bonus.

Mr Fischer said he had admired the business and was honoured to have been selected by the TWE board to lead its next phase of growth.

TWE chair John Mullen said it was thrilled to welcome Mr Fischer to the company following an extensive global search for Mr Ford’s successor.

“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,” Mr Mullen said.

Mr Mullen also paid tribute to Mr Ford, who led TWE through a tumultuous time for the nation’s wine industry after China in 2020 imposed onerous tariffs of as much as 200 per cent on Australian wine exports.

It wasn’t until last April that China’s Ministry of Commerce finally ended its trade barriers on Australian wine.

“TWE is a significantly stronger and more focused business as a result of Tim’s vision and leadership and the company will benefit from his legacy for many years to come,” Mr Mullen said.

Mr Ford said leading TWE had been the highlight of his career and that he had full confidence in Mr Fischer’s ability to take the company forward.