Treasury Wine Estates chief executive David Dearie has announced he will leave the company immediately.
In a statement, the company said the board will look for a new chief executive after a major write-down of excess stock in the United States.
“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,” he said 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.”
Shares in the company have fallen 6.5% this morning after the announcement to $4.47.
In July the company announced it would destroy more than $35 million in excess stock.
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