Penfolds maker Treasury Wine Estates ousts chief David Dearie after writedowns, spoilt wine TREASURY Wine Estates chief David Dearie is leaving the company with immediate effect, after just two years in the job. Paul Rayner, chairman of the Melbourne-based winemaking giant, said the board had decided to search for a new chief executive in the wake of a major writedown of aged and excess stock in the US. The decision comes after Treasury - which owns brands including Penfolds, Wolf Blass and Rosemont - announced in July that it would destroy deteriorating wine worth more than $35 million in the US. Treasury is the world's biggest pure-play winemaker. ``Following the writedown 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," Mr Rayner said. ``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. Board member Warwick Every-Burns will be appointed interim chief while the company searches for a new chief executive. Mr Rayner thanked Mr Dearie for his contribution to Treasury since his appointment to the top job in May 2011, immediately prior to its demerger from Fosters Group. ``Over the last two years, David has played a critical role in guiding Dearie through its demerger and establishing the company as a stand-alone business," he said. ``He has also successfully built the profile of Treasury's iconic wine brands internationally. In July, Treasury announced it would destroy more aged and excess stock in the US and offer major discounts after admitting it over-estimated the amount of wine needed to supply the market. The discounts and excess stock destruction were part of a broader $160 million writedown.