David Dearie leaves Treasury Wine Estates

By Emily Kearns

Published: 23 September, 2013

Treasury Wine Estates has announced the departure of chief executive David Dearie with immediate effect.

Dearie was appointed chief executive prior to the company's demerger from Foster's Group in 2011. He will initially be replaced by Warwick Every-Burns, a non-executive of the TWE board, who will take the helm until a successor to Dearie is appointed.

Paul Rayner, chairman of TWE, said: "Over the past two years David has played a critical role in guiding Treasury through its demerger and establishing the company as a standalone business. 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 15 July 2013, 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.

"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."

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