Dearie leaves Treasury

23 September, 2013

Treasury Wine Estates (TWE) has announced that CEO David Dearie, has left.

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.”

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