Shares in Treasury Wine Estates fell by more than five per cent on Thursday as the market reacted to news that the Australian wine giant’s chief executive Michael Clarke would step down in July, earlier than previously expected.
It was also on the back of the company’s view that the coronavirus would ravage its key market of China.
The owners of Penfolds, Wolf Blass and Lindeman’s surprised the market last month when they delivered Treasury Wine Estates’ December half results ahead of schedule to issue a profit warning which detrimentally impacted on their share price.
The market was stunned again when its full financial figures were declared on Wednesday night, along with the announcement of Mr Clarke’s earlier than anticipated departure, before their expected Thursday release.
Shares in Treasury Wine closed down 73c at $11.13 on Thursday.