Treasury wine boss salutes return to profit with $4.5m
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.