Southcorp, Australia's largest wine company, has said its chairman, Rick Allert, may step down from his position following the company's annual general meeting on October 31. Allert is planning to run for chairman of the troubled Australian retail group, Coles Myer, and if elected to that post will stand down from Southcorp.

Southcorp said Brian Finn, deputy chairman at Southcorp since 1996, would take over as chairman if Allert does go.