Treasury Wine hires heavy hitter as executive exodus continues
Mr McPherson had been promoted to the President of the Americas for Treasury but pulled out of taking that role for family reasons. Following his decision to not take the Americas job in December, Mr McPherson remained with the company in a strategic executive role. Ben Dollard was appointed head of Americas that month. Mr McPherson’s LinkedIn page says he currently works for EPCG.
“When Mr McPherson notified TWE in February of his decision not to work for personal reasons, this was communicated to the team and to key stakeholders,” Treasury said on Thursday.
“As Mr McPherson was not key management personnel we never intended to make any further announcement with respect to his departure.”
The company was quick to shoot down any speculation the hiring of Mr Boxer spelled the end for current chief financial officer Matt Young. Treasury has cycled through a bevy of chief financial officers in recent years and Mr Young was absent at the group’s April conference call with analysts to discuss the demerger of the Penfolds brand.
“Matt Young remains our CFO,” a company spokeswoman said.
Treasury’s highly-regarded head of corporate affairs Carolyn Coon has also left the group after four years. Its company secretary Fiona Last also left this year to join Transurban.
In September the Age and the Herald revealed that since April 2018, Treasury had lost a chief operating officer, head of Asia, head of global travel, two chief marketing officers, head of global strategy and two presidents of the Americas and another senior executive. Mr McPherson’s departure adds to this list. The winemaker has also cycled through four chief financial officers since 2016.
Treasury was hit with two class actions following its January confession about problems in its America’s business.
Short sellers have attacked Treasury in recent years about the quality of its earnings, particularly in America and Asia, with suspicions the company was forcing suppliers to take on more stock than they could sell to plump up sales figures.
However, Treasury has repeatedly denied these claims and its results have shown no evidence of the practice known in finance circles as channel stuffing.
Sarah Danckert is a business reporter.