It seems the CEO of booze retailer Treasury Wine Estates Ltd (ASX: TWE) is unimpressed with the behaviour of his chief operating officer after the company announced he is to leave the wine maker with immediate effect for a "breach of TWE's internal policies".
Investors have shrugged off the news with the Treasury Wines' share price marginally higher to $15.43 in lunchtime trade, while the rumour mill will likely go into overdrive as to what exact breach of internal policies the ex-COO committed. Either way it must have been more serious than a bit of excess Christmas partying to earn a dismissal.
Treasury is the brand behind some of Australia's best and most famous wines, including the Penfolds Grange wines and more downmarket Beringer and Lindemans brands.
Despite the ex-COO's "policy breach" the company is still forecasting EBITs growth of 25% in FY 2019 on the back of strong sales growth in Asia, cost cutting and better profit margins as management focuses on "premiumising" or promoting its brands in the eyes of consumers.
