Treasury Wine Estates chief executive leaves company after it was forced to destroy $35m of wine

Treasury Wine Estates chief executive David Deary is leaving the company after a review of its decision to destroy $35 million of worth of wine earlier this year.

Mr Deary joined the global winemaker after it was demerged from Foster's Group in 2011.

In July, TWE announced plans to destroy old and aged stock being held in the Untied States.

It also revealed plans to make $40 million worth of discounts on stock.

In a statement to the share market today, TWE's chairman Paul Rayner said the company had undertaken a review of the writedown 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," he said.

"The board thanks David for his many contributions to the business, and wishes him the very best in his future endeavours."

Non-executive director Warwick Every-Burns will act as chief executive while company searches for replacement for Mr Dearie.

TWE's brands include Penfolds, Wolf Blass, Wynns, Yellowglen, and Lindeman's.

Its share price fell after the announcement.

At 11:50am (AEST), it was trading 6 per cent lower at $4.46.

Source: ABC News, 23 September 2013