Accolade wines is searching for a new CEO, having announced the the abrupt exit of former chief Troy Christensen.
Accolade, previously Constellation Wines, offered no explanation for Christensen's departure, saying only that his leaving was as mutually agreed and didn't signal any fundamental change in strategy.
Christensen became CEO of Accolade five and a half years ago when it was part of Constellation Europe, and he retained the position when it was acquired by Champ Private Equity in February last year.
He will assist Accolade with the transition to a new CEO, while Korn/Ferry International has been charged with the global search for his successor.
“Troy has performed a very valuable role in the first phase of the CHAMP III Fund’s ownership and we wish him well in his future endeavours,” said John Haddock, managing director at Champ.
“Troy’s departure does not signal any fundamental change in strategy. We will be looking for a new leader to drive the execution of the Board’s strategies, focusing on customers, increased profitability in established markets and growth in new markets.”
Earlier in the year, Michael East was appointed as general manager of Accolade Australia and New Zealand. He took over from Russell Barratt, who left the company in March after almost seven years. Accolade cited “personal reasons” for his departure.
Accolade also closed its local bottling operations in Adelaide, having entered into a reciprocal agreement with Treasury Wine Estates (TWE), which will bottle its wine in Australia from the beginning of next year. In return, Accolade will bottle for TWE in the UK. The closure of the Adelaide bottling plant resulted in175 jobs being cut.
LEFT TO RIGHT: John Haddock, managing director of Champ private equity firm; Troy Christensen, former CEO of Accolade; Michael East, general manager of Accolade Australia and New Zealand.
