The Courier-Mail

Trea­sury wine boss salutes re­turn to profit with $4.5m

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THE head of Trea­sury Wine Es­tates, the com­pany be­hind the Pen­folds wine brand, earned al­most $4.5 mil­lion in his first full year in the job.

Michael Clarke’s base salary of $1.7 mil­lion was topped up with a $1.5 mil­lion cash bonus, ac­cord­ing to the group’s an­nual re­port.

And he could earn another $1 mil­lion in shares as part of long-term bonuses, com­pany ac­counts show.

Mr Clarke was ap­pointed chief ex­ec­u­tive in March last year and has been cut­ting costs and stream­lin­ing the com­pany’s oper­a­tions, which has con­trib­uted to Trea­sury Wine’s re­turn to prof­itabil­ity in the past fi­nan­cial year.

The group chalked up a net profit of $78 mil­lion for the year to June, up from the pre­vi­ous year’s $101 mil­lion loss.

Asia was the com­pany’s strong­est mar­ket in the year, where earn­ings rose 55 per cent.

Trea­sury Wine brands also in­clude Wolf Blass, Lindeman’s and Rose­mount Es­tate.

Shares in the wine­maker closed 2.2 per cent lower yesterday – a fall roughly in line with the slide in the broader mar­ket – at $5.83.

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