Accolade Wines, the Champ Private Equity-backed business, has announced that Troy Christensen has decided to step down as the wine company’s chief executive with immediate effect.

The group said that Korn/Ferry International had been appointed to conduct a global search for a new chief executive to replace Christensen, who took on the role after backer Champ took over the business from Constellation Brands in January 2011. He was Constellation’s president prior to that.

John Haddock, managing director at Champ, 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 chief executive.

“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.”