Australia's Treasury Wine Estates announces retirement of CFO Stuart Boxer (updated)

Treasury Wine Estates

03/03/2026 22:38

CFO Boxer to retire on September 30, after 3 years in the role

Co to look for internal and external candidates

Shares falls to over 11-year low

Updates to headline, bullet 1; adds share moves in paragraph 2 and bullet 3

March 4 (Reuters) - Australia's Treasury Wine Estates TWE.AX said on Wednesday that Chief Financial and Strategy Officer Stuart Boxer will retire, effective September 30.

Shares reversed early gains to drop as much as 5.1% to A$4.28, their lowest since December 17, 2014, in line with the broader benchmark index, which fell 2.1% by 0322 GMT.

After around three years in the role, Boxer's departure comes on the heels of the company swinging to a statutory interim loss of A$649.4 million ($456.4 million), hurt by an A$770.5 million impairment on its U.S. assets.

The writedown, announced along with its half-year results in mid-February, was larger than the winemaker had signalled in December and led to its first interim loss since separating from Foster's in 2011.

Treasury also suspended its interim dividend to preserve cash and bring debt back within its target range.

The Melbourne-based firm is also under pressure in its two biggest markets, with softer demand in China, a U.S. consumer shift away from alcohol and distribution challenges in California.

The company will initiate an internal and external search for a successor, it said in a statement.

($1 = A$1.4229)

 (Reporting by Sneha Kumar in Bengaluru; Editing by Sumana Nandy and Alan Barona)

 ((Sneha.Kumar@thomsonreuters.com))