Update - AUS: Foster's Group may rue McKay exit
Foster's Group faces disruption over CFO exit
Analysts have described the resignation of Foster’s CFO Angus McKay as a blow for the company as it prepares to split its wine and beer divisions into separate listed entities.
Foster's announced today (2 September) that McKay will leave the group. “McKay was well-regarded so his departure is a loss,” said UBS analyst Lindy Newton.
Deutsche Bank analyst Paul van Meurs said McKay’s “experience and business acumen will be missed at the time the group is going through a complex demerger. While this doesn't impact our valuation and we don't think it will result in the demerger timetable being pushed out, the distraction and loss of experience increases the execution risk for the group at a crucial time in its evolution.”
The analysts speculated that McKay, who is leaving in December to take a position as CFO of logistics group Asciano, was leaving because the recent appointment of David Dearie and John Pollaers to run the wine and beer divisions respectively had limited his chances for advancement at Foster’s.
Newton suggested CUB finance director Steve Matthews or group treasurer Peter Kopanidis as possible internal candidates to replace McKay.
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