New Zealand Wine Company chief executive Rob White has resigned and Peter Scutts has stepped in to replace him immediately.
Bankers said last week they wanted to take a closer look at the company's finances after it warned of a financial loss for 2011 and a failure to comply with one of its three financial covenants.
However Mr Scutts says Mr White's departure has nothing to do with the company's financial situation.
The company makes and markets the brands Grove Mill, Sanctuary and Frog Haven.
Mr Scutts says he is working on a plan to return the company to profitability by 2012.
