The moves come as chief executive officer Sam Fischer is forced to transform the struggling winemaker at the start of his tenure.
(Dec 17): Treasury Wine Estates Ltd’s stock sank after the company announced an overhaul including asset sales and cost cuts, as the Penfolds producer tackles weakening demand in its key markets.
The shares plunged 17% in Sydney, the most since August 2020, as the company on Wednesday cancelled an uncompleted AUD200 million ($171.12 million) stock buy-back and said it’s reviewing planned capital investments.
