Stephen Brauer Leaving Treasury Wine Estates

Dear Client: Stephen Brauer, managing director of Treasury Wine Estate's Beringer Unit, is leaving the company to pursue external opportunities. Recall Stephen joined TWE in 2009 from Pernod Ricard where he has led the Americas region and most recently the Beringer business, which also includes Chateau St Jean, Stags' Leap, Etude and Be. The change in his role occurred after Treasury became a standalone wine company and restructured its business units to brand-based rather than geography-based. The company credited Stephen