Treasury sours on cheap wine

A focus on premium brands and a US restructuring could be just the tonic Michael Clarke needs to restore shareholder faith in the battered and bruised business… if it pays off.

Treasury Wine Estate’s new chief executive, Michael Clarke, didn’t pull his punches in his first public appearance today.

“There’s a lot to be fixed,” he said.

“There are structural issues affecting our business that have been left for far too long. There’s been a lot of talk in this company and not necessarily a lot of delivery.”

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