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Treasury Wine Estates Limited’s (ASX:TWE) new chief has affirmed his focus on cutting costs and improving commercial performance.
Australia’s largest listed wine company is the owner of brands including Penfolds, Rosemount and Wolf Blass.
New CEO Michael Clarke has told shareholders it is clear the company must take action to reduce overhead expenditure.
Mr Clarke would then hope to reinvest these savings back into consumer and brand marketing.
Mr Clarke’s appointment at the end of March comes as the Australian Bureau of Statistics (ABS) reported last week wine sales dropped to a seven-year low last year.
Treasury Wine Estates reported a net profit of $107 million in the first half of the 2014 financial year.
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