AUS: Foster's completes CEO switch
The CEO of Foster's Group is set to leave the Australian company today (21 July).
Trevor O'Hoy, who tendered his resignation last month, initially made the move as Foster's revised its fiscal 2008 earnings outlook and unveiled a non-cash write down to wine asset carrying values and a strategic review of its global wine business. He will be replaced on an interim basis by Ian Johnston, a non-executive director at the company.
Johnston, who has been a director since September last year, is a former managing director of global confectionery for Cadbury Schweppes and has "extensive experience" in the international beverage industry with Cadburys in Australia and the UK, Foster's noted.
"Trevor has led Foster's through a period of significant structural and business change since his appointment as CEO in 2004, including the acquisition of Southcorp, the rationalisation of the company's manufacturing and logistics footprint and the divestment of non-core assets," said company chairman David Crawford.
"We again thank Trevor for his significant contribution throughout his 33 years with Foster's and wish him well in his future endeavours."
Foster's also said that it continues to expect that the wine review and search for a permanent CEO will be concluded during the first half of fiscal 2009.
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