By Amy Looker – editor National Liquor News
Treasury Wine Estates (TWE) announced this morning that its chief executive officer, David Dearie, will cease his role within the global wine business immediately.
TWE’s chairman, Paul Rayner, said the board decided to appoint a new CEO following a major write-down of aged and excess wine stock in the United States, which the company announced in July this year.
Dearie (pictured), who commenced with TWE immediately prior to its demerger with Foster’s Group, will temporarily be replaced by non-executive board member Warwrick Every-Burns, until a permanent chief executive officer is appointed.
“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,’’ said Rayner in a statement this morning.
“In particular, having established a solid platform since demerger, the board believes Treasury needs a leader with a stronger operational focus to deliver the company’s growth ambitions.”
Rayner acknowledged Dearie’s efforts over the previous two years, pointing out that Dearie was key to “successfully builing the profile of Treasury’s iconic wine brands internationally”.
"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,” he said.
”The board thanks David for his many contributions to the business, and wishes him the very best in his future endeavours.”