Wine boss' annual pay hits $4.5m

Treasury Wine Estates CEO Michael Clarke was paid almost $4.5 million last year, as the company returned to profitability.

The head of Penfolds maker Treasury Wine Estates earned almost $4.5 million in his first full year in the job.

Michael Clarke's base salary of $1.7 million was topped up with a $1.5 million cash bonus, and he could earn another $1 million in shares as part of long-term bonuses.

Mr Clarke was appointed CEO in March 2014 and has been cutting costs, streamlining the company's operations and brands and increasing its focus on Asia.

That contributed to Treasury Wine's return to profitability in the 2014/15 financial year, making an annual net profit of $78 million, up from the previous year's $101 million loss.

Asia was the company's strongest market in the year, where earnings rose 55 per cent.

Robert Foye, the head of Treasury Wine's operations in Asia, the Middle East and Europe since August 2014, earned $1.8 million in cash and shares in 2014/15.

The company's brands also include Wolf Blass, Lindeman's and Rosemount Estate.