Global winemaking and distribution business Treasury Wine Estates (TWE) has announced the retirement of its managing director and CEO Michael Clarke in the first quarter of fiscal 2021.

Clarke led the company since March 2014.

Treasury Wine Estates chairman Paul Rayner said: “It is without question the extraordinary transformation and outstanding financial returns that TWE has achieved, have been driven by Michael’s leadership over the past five and a half years.

“The structural changes and initiatives delivered by Michael and his team have established TWE as a significantly stronger business than when he first joined the company and one that is very well placed to continue delivering sustainable, margin accretive growth well into the future.

“I, along with the Board, would like to sincerely thank Michael for his tremendous character and exceptional contribution to our company, and his on-going support during the transition period.”

The Board has also announced Tim Ford, who is currently serving as company’s chief operating officer, as the next CEO of the company.

Rayner added: “Tim has worked alongside Michael and in a diverse range of executive leadership roles at TWE for the past eight years.

“As chief operating officer, he has been running the operation of all TWE regions since January 2019 and before that, as deputy chief operating officer ran the Asia, Europe and ANZ regions.

During the transition period, Clarke has agreed to serve as the advisor to Treasury Wine Estates for an additional one-year and support the company’s key initiatives such as merger and acquisition opportunities.