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Treasury CEO sacked after massive destruction of wine.

Treasury Wine Estates who own such brands as Penfolds and Wolf Blass have announced the immediate departure of their CEO David Dearie. In July we reported that Dearie had sanctioned the pouring of $35 million worth of aged or excess stock down the drain. The mistake was attributed to over ambitious forecasting.

The Board had decided that in the wake of this and other major writedowns that a new CEO was required.Investors punished the wine maker, pushing its shares 29 cents lower, or six per cent, to $4.46, their lowest level in more than a year. The company stated that it has no intention of selling off its US business.

But the board believes the company now needs a chief executive with a stronger operational focus and the right balance of skills to deliver their ambitious growth targets.

Dearie had led TWE since 2009 when the company which owns Penfolds, Wolf Blass and Beringer was still a subsidiary of Foster’s.He remained CEO through the demerger in 2011, since when the company has been the subject of much speculation regarding takeovers.

The company has appointed board member Warwick Every-Burns as interim CEO while it searches for a permanent replacement.