Dearie quits Treasury Wine Estates23rd September, 2013 by Rupert Millar
David Dearie, CEO of Treasury Wine Estates, has stepped down with immediate effect following a company review.
Dearie’s exit comes after the news last month that the company’s US wing was recording serious losses, a bad situation made even worse by the news that TWE had had to destroy A$35 million worth of old stock in the US – part of a wider $160m loss in that market.
According to The Australian, the increasingly bad news from the US had led TWE chairman, Paul Rayner, to say, “now is the right tie to look for a new CEO.
“In particular, having established a solid platform since demerger, the board believes TWE needs a leader with stronger operational focus to deliver the company’s growth ambitions.”
Non-executive director, Warwick Every-Burns, will take over as interim CEO while a successor is sought, and Rayner added: “The Board thanks David for his many contributions to the business, and wishes him the very best in his future endeavours. I also look forward to working closely with Warwick and the executive management team during this transition phase as TWE looks to build upon the foundations laid since demerger.”
Dearie has led TWE since 2009 when the company which owns Penfolds, Wolf Blass and Beringer was still a subsidiary of Foster’s.
He remained CEO through the demerger in 2011, since when the company has been the subject of much speculation regarding takeovers.