Dearie Responds To Treasury’s Board In Wake Of FiringOctober 31, 2013
Former Treasury Wine Estates CEO David Dearie has responded to criticism leveled at him by Treasury’s board at the time of his ouster last month. Speaking to the Sydney Morning Herald in recent days, Dearie rejected comments by Treasury chairman Paul Rayner that the company needed “a leader with a stronger operational focus” to take the business “to the next level.” In defending his operational credentials, Dearie pointed to his past experience as a COO, and said that if his appointment had ever been seen as an interim role, as Rayner seemed to suggest, it was news to him.
The change at Treasury’s helm was precipitated by Dearie’s decision to pay $33 million to destroy aged and excess stock in the U.S. market as part of a broader $152 million writedown across the business. Dearie blamed poor management decisions in the past as necessitating that drastic step, and said it was the right long-term move for the business.