Treasury Wine Estates has revealed how much its paid its former CEO following his departure

Treasury Wine Estates has revealed how much its paid its former CEO following his departure

Treasury Wine Estates paid out AUD1.3m (US$1.18m) in severance pay to its former CEO David Dearie, the company has revealed.

In its annual report, published late last week, the Melbourne-based firm disclosed that Dearie was awarded AUD1,329,287 in "termination benefits" after his departure in September last year. At the time of his exit, TWE said it was the “right time” for a new CEO, following a AUD160m (US$145.7m) stock writedown in the US earlier in the year. 

Warwick Every-Burns, who served as interim CEO prior to Michael Clarke's appointment, received a salary of AUD1.03m for the six months he was in the top role, the report shows. Every-Burns remains a non-executive director of the company.

In its last full-year to June 2014, the company reported net losses of AUD100.9m (US$93.5m).

Mark Fleming, who left the group as CFO in July last year, received severance pay of AUD660,389 for his two years with TWE. 

Last month, the wine group flagged that it may delay its AGM as its remains in discussions with two separate private equity firms over a possible sale of the company