Treasury Wine Estates' announced this evening that chief David Dearie is leaving the company "with immediate effect." Although noting that David "played a critical role in guiding TWE through its demerger and establishing the company as a standalone business," chairman Paul Rayner said this: "However, following the write-down 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."