Accolade Wines’ chief executive Troy Christensen has left the business today “by mutual agreement”.

Private equity owners Champ said the departure did not mark a change in strategy.

John Haddock, Champ’s managing director, said: “Troy has performed a very valuable role in the first phase of Champ III Fund’s ownership and we wish him well in his future endeavours. He will continue to be engaged to assist the board with the transition to a new CEO.

“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, incerased profitability in established markets and growth in new markets.”

Christensen has been Accolade’s chief executive since January 2011, when Champ took over the business from Constellation Brands. Prior to the purchase, he was president of Constellation from March 2007. Before that he was chief financial officer at US beer and spirits producer and distributor Barton Incorporated.

Korn/Ferry International has been appointed to condust a global search for the new chief executive.

Accolade sells wine in 80 countries, with a portfolio of 40 brands.