Treasury Wine CEO departs

Board decides to look for new CEO in wake of writedown of US inventory.

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.”

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