Treasury Wine Estates Limited
(ASX:TWE) CEO David Dearie has resigned effective immediately.
Chairman Paul Rayner says the board is looking for a new CEO after completing a review following the write-down of excess US inventory.
In July, the company announced a $160 million hit to pre-tax earnings for the full year, as it offered discounts to move excess stock and destroy aged inventory.
Mr Rayner says the board now believes the company needs a leader with a stronger operational focus to deliver its growth ambitions.
Mr Dearie was appointed CEO after the demerger from Fosters Group in May 2011.
Treasury Wine Estates generated a net profit of $42.7 million in fiscal 2013.
