Treasury Wine Estates has handed its purse strings to Justin Pipito on a permanent basis, four months after the executive took on the CFO role temporarily.
Following Stuart Boxer’s announcement in March that he intended to retire from the position, the Penfolds brand owner asked its then-deputy CFO, Pipito (below), to step up in May while a recruitment search was undertaken. This week, however, Treasury confirmed that Pipito, who has been with the group since 2016, emerged victorious from a “comprehensive internal and external search process”.
The switch from temporary to permanent takes effect from tomorrow (1 October).
“Justin has demonstrated strong commercial and financial leadership throughout his career at Treasury, and in particular during his time as interim CFO,” said CEO Sam Fischer. “Following a comprehensive assessment process, the board and management are confident he is well placed to support the continued execution of Treasury’s strategy and long-term value creation for shareholders.”
In results for the 12 months to the end of June, announced last month, Treasury posted an 11% slide in year-on-year sales, with CEO Sam Fischer admitting at the time there was “more to do” following a year in which “our financial performance reflected evolving market conditions”.
