Fosters Group has announced a new CFO at Treasury Wine Estates, as promised last month

Foster's Group has announced a new CFO at Treasury Wine Estates, as promised last month

Foster’s Group has continued the preparations for its pending demerger with the appointment of a CFO for its wine unit.

The beer and wine group, which confirmed last month that it would go ahead with the demerger of its two businesses, said earlier today that Mark Fleming will join its Treasury Wine Estates (TWE) division to take up the role of CFO. Tony Reeves, TWE's current CFO, will step down from the role to make way for Fleming, as announced last month. Reeves, was appointed CFO of Foster’s Group in November last year.

Fleming will join TWE from Woolworths Limited, where he is the current general manager finance, supermarkets. He joined Woolworths in 2003.

The proposed demerger of Foster's Carlton United Breweries (CUB) and TWE is scheduled to go through in May, which is when Fleming is expected to commence in the new position. Once separated, CUB will change its name to Foster's, with both units set to list on the Australian Stock Exchange.

To read the official release, click here.