Treasury Wine Estates has received an approach from its former COO, Robert Foye, proposing a review of the group’s “key strategic priorities”.
Local reports this week have linked Foye (below) to a communication made to the board of directors at his former employer. From 2014 to 2019, the executive spent four-and-a-half years with Treasury – almost two of which as group COO – before moving to Accolade Wines in March 2020 to become CEO – a position he vacated in mid-2024.
In a LinkedIn post today (9 April), Foye cited the reports and provided further details on his approach.
“I have invested in Treasury … as a committed long-term shareowner who believes this company is worth significantly more than the market currently gives it credit for,” he wrote. “Based on the strength of the company’s brands, assets and global platform, I believe there is a credible path for Treasury Wine Estates’ equity value to increase by 50–100% over time if the company executes effectively across several key strategic priorities.”
Foye claimed the Penfolds owner is wrestling with “a deficit of winning execution in the marketplace at a moment when the company needs it most”. Among the five priorities he proceeded to list were a return to a geographic operating model, thereby “eliminating the dual-division structure”, and a “thorough review of the US business”.
He concluded: “I am supportive of CEO Sam Fischer’s early moves [since assuming the position in late October]. But TWE also needs an accelerated sense of urgency at the board level, and operating expertise that matches the complexity of what the company is facing in its two most important markets, the US and China.
“I believe share-owners deserve to know that a credible, specific path to value recovery exists, and that someone with direct operating knowledge of this business is prepared to help pursue it.”
When contacted by Global Drinks Intel, a company spokesperson replied: “Treasury Wine Estates maintains regular engagement with shareholders and considers a range of shareholder perspectives. As part of our company-wide transformation, ‘TWE Ascent’, we are positioning the business for its next era of sustainable, profitable growth.
“In this context, the company has no current plans to pursue the proposal referenced.”
Earlier this year, the Melbourne-headquartered group booked a near-17% decline in sales from the six months to the end of December. Full-year results for fiscal 2026 – to the end of June – will be announced in August
