Treasury faces another hurdle

TREASURY Wine Estates shares have slumped after the head of its Asian operations suddenly resigned.

Peter Dixon, managing director of the Asia and global travel divisions at the Penfolds maker, has walked away from his role to join rival Accolade Wines.

The move comes at a time when Treasury Wine is preparing for a big new growth push in the region, especially in China.

Mr Dixon is believed to have informed Treasury Wine of his intention to resign on Friday, but the company as of last night had not issued a statement to the Australian Securities Exchange.

Shares in the group closed 69c, or 4.2 per cent, lower yesterday at $15.50.

The loss of Mr Dixon comes after Robert Foye, Treasury Wine’s chief operating officer and heir apparent to chief executive Michael Clarke, was last month ousted for a “breach of internal policies”. The reason for that departure has yet to be explained.