Treasury Wine Estates (TWE) has announced it is transitioning to a new regional operating model and restructuring its executive leadership team.

The new operating model will include four regions: the Americas; Australia and New Zealand (ANZ) and Europe; Greater China; and Emerging Markets (Rest of Asia, Middle East and Africa).

The new structure means Penfolds will no longer be its own stand-alone division. However, TWE said it will retain specialist luxury sales capabilities in key markets and channels and prioritise and upweight investment in Penfolds and other priority luxury brands.

Under the new structure, Tom King (currently Penfolds MD) who will assume a new position as Chief Commercial Officer, reporting direct to CEO Sam Fischer. King will lead regional sales, marketing, direct to consumer and commercial strategy activities for ANZ and Europe; Greater China and Emerging Markets (Rest of Asia, Middle East and Africa) regions. In addition, the role will have accountability for Group marketing strategy and innovation. King will be based in Melbourne.

Reporting to King, with accountability for the regional sales and marketing activities in support of TWE’s focused brand portfolio will be Angus Lilley (currently Treasury Collective MD), leading the ANZ and Europe region, based in Melbourne; and Jack Wu (currently General Manager Mainland China – Penfolds) leading the Greater China region, based in Shanghai.

Reporting to King, Kristy Keyte (currently Chief Marketing Officer – Penfolds) will assume the new position of Chief Marketing and Innovation Officer.

Ben Dollard (currently President Treasury Americas), will lead TWE’s Americas region with accountability for sales, marketing, direct to consumer and commercial Strategy activities. He will report directly to the CEO, reflecting heightened focus on TWE’s Americas business, providing direct line of sight into in-market execution in the Americas. Dollard will be based in Napa Valley.

Reporting to Fischer, Kerrin Petty remains Chief Supply & Sustainability Officer, with an expanded global aupply remit, including Americas aupply. Petty will be based in Adelaide.

Fischer said: “We are reshaping TWE to drive clearer accountability for performance and to enable faster, more market-connected decision-making as a foundation for consistent depletions growth.

“Combining the deep local insight of our in-market teams with the scale and expertise of our global functions will step change in-market execution, whilst retaining our enhanced focus on Penfolds and other priority luxury brands.”

Benefits of the new operating model

As it progresses its global transformation program, TWE Ascent, the company said the new model would support its focus on depletions-led growth.

Effective 1 October 2026, each of TWE’s four new regions will house front-end core commercial capabilities across sales, marketing, direct to consumer and commercial strategy, supported by Group functions.

According to TWE, benefits of the new operating model will include:

• Clearer accountability for performance in each market, enabling faster decision-making through proximity to consumers and increasing the speed and effectiveness of in- market execution
• A focused portfolio with collective scale and investment to improve customer and distributor experience and increase relevance
• Streamlined structure and removing duplication to deliver improved cost of doing business, supplemented by process simplification and enablement through automation and technology.

TWE said key strengths from the current divisional operating model will be retained, including an enhanced focus on luxury brands, in particular for Penfolds, through central control of brand strategy in order to ensure global consistency and optimised international distribution. TWE will also retain specialist luxury sales capabilities in key markets and channels and prioritise and upweight investment in Penfolds and other priority luxury brands.

Funding update

As part of its ongoing funding program, TWE has established new debt commitments totalling $300 million from a number of lenders within its global banking group.

These commitments, which were established on terms consistent with existing debt arrangements, will be used to refinance
FY27 debt maturities and further increase TWE’s liquidity position, which is expected to exceed $1 billion at the end of FY26.

TWE said it retains significant headroom to the financial covenants under its borrowing arrangements and remains confident in its ability to return Leverage to the target 1.5-2.0x range.

TWE reiterates its outlook for FY26

TWE said its depletions performance improved in key markets quarter three of FY26.

Penfolds continued to deliver strong depletions growth in China, with depletions up 40% over the Chinese New Year period on a seasonally adjusted basis. Growth was also driven by ongoing demand for Bin 389 and Bin 407.

In ANZ, third quarter depletions grew 11% and in Asia ex-China, depletions grew 14% on a seasonally adjusted basis.

Overall US market depletions were up 9.1% versus the prior corresponding period, with depletions returning to growth in California.

TWE said it continued to expect that its second half FY26 EBITS would be higher than the first half of FY26.

“I am pleased with the progress we are making on elevating our focus on depletions performance across our key markets, and we remain focused on continuing the improved momentum,” Fischer said.

The announcement sent shares in TWE up 16%. Full details of plans and targets will be provided at TWE’s Investor Day on 4 June 2026.