When Mr Clarke’s retirement was announced last year company chairman Paul Rayner praised his performance as CEO.
The company’s shares and profit have surged since Mr Clarke took on the role in March 2014. Just before his appointment, Treasury’s stock price was as low as $3.50. It closed on Wednesday at $11.86, up 2.3 per cent on the day.
When asked on Wednesday evening if Mr Clarke’s retirement date had been changed, a Treasury spokeswoman said the company had “deliberately” said the retirement would occur in the September quarter “to allow flexibility”.
“We decided that it made sense for Tim Ford to be appointed CEO from 1 July 2020 thereby allowing him the full financial year. Mike Clarke will stay on as an adviser for fiscal 2021,” she said.
Treasury released a trading update in late January that included a shock profit downgrade, which it attributed to “challenging conditions in the US wine market”.