Dearie was appointed prior to TWE’s demerger from Fosters in May 2011, and will be replaced by Warwick Every-Burns, a non-executive member of the board. Every-Burns is interim CEO while the search for a successor to Dearie takes place.
TWE chairman Paul Rayner, said: “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 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.”