Earnings growth slows, exec pay frozen at TWE

The Australian reports that Treasury Wine Estates is imposing a pay freeze on its executive team and is forecasting a small decline in earnings growth this year.

Treasury, which demerged from Foster’s Group last year, announced its annual report to the ASX yesterday. It reported underlying earnings growth being up by 7.7 per cent, a figure not helped by the high dollar.

None of TWE’s senior management team was given an increase in base salary, though CEO David Dearie’s base salary has almost doubled since the demerger.

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