Treasury Wine Estates (TWE) has axed 170 jobs as part of its restructure, mostly at its head office in Melbourne.

The redundancies span marketing, IT, finance and support roles, while it is also believed some jobs have also been cut at its vineyards.

The news follows the company’s new regional operating model coming into effect on October 1 under its TWE Ascent program.

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

TWE CEO Sam 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.”

TWE previously announced it was targeting cost savings of $100 million per annum through its TWE Ascent program.

A TWE spokeswoman confirmed the jobs cut: “As part of our transformation to create a simpler and more focused organisation, approximately 170 roles have been made redundant, predominantly across our corporate functions.

“We recognise the impact of these changes on our people and thank those leaving us for their contribution.

“At the same time, we’re continuing to invest for growth, including recruiting for new roles primarily across our commercial teams in Australia and New Zealand, as well as China and emerging markets, focused on our portfolio of priority brands including Penfolds, DAOU and Matua.”

TWE also outlined plans in June to focus on luxury wine, cut more than 40 brands from its portfolio and review its Americas business. 

Among the brands that have already been sold this year are Rouge Homme and Seppelt. Additionally, the historic Tollana Wines label will be revived by Sword Distribution, which bought the brand from TWE last month. Sword Distribution is headed by Giuseppe Minissale, Daryl Fisher and Hiep Le.

Appointment of Chief Financial Officer

TWE announced the appointment of Justin Pipito as Group Chief Financial Officer last week, effective 1 October 2026.

Pipito has served as Interim Chief Financial and Strategy Officer since 1 June 2026. Following a comprehensive internal and external search process, the Board appointed Pipito to the role on a permanent basis.

Pipito joined TWE in 2016 as CFO – Australia and New Zealand, before serving as CFO – Asia, CFO – Penfolds, Deputy CFO and most recently as Interim Chief Financial and Strategy Officer. In his time with TWE, Mr Pipito has been based in both Melbourne and Shanghai.

Prior to joining TWE, he held senior finance leadership roles with iSelect, Fosters Group and PwC.

Fischer said: “Justin has demonstrated strong commercial and financial leadership throughout his career at TWE, and in particular during his time as Interim CFO. Following a comprehensive assessment process, the Board and management are confident he is well placed to support the continued execution of TWE’s strategy and long-term value creation for shareholders.”