Treasury Wine Estates (TWE) chief executive officer David Dearie will depart the group effective immediately.
In a statement to the Australian Securities Exchange, Treasury said Mr Dearie will be replaced by non-executive board member Warwick Every-Burns on an interim basis while a search for a new chief executive takes place.
Treasury chairman Paul Rayner said the board had reviewed Mr Dearie's performance of late and decided it was time to find a new chief executive.
“Over the last two years David has played a critical role in guiding TWE through its demerger and establishing the company as a standalone business," Mr Rayner said (see Tim Treadgold's In vino, value?).
"He has also successfully built the profile of TWE’s iconic wine brands internationally.
“However, following the write-down of excess US inventory announced on July 15, the board has undertaken a review and concluded that now is the right time to look for a new CEO.
"In particular, having established a solid platform since demerger, the board believes TWE needs a leader with a stronger operational focus to deliver the company’s growth ambitions.”