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AUS: Foster's Group appoints CFO

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Foster's Group has appointed Anthony Reeves as its chief financial officer to help steer the firm through the demerger of its beer and wine businesses.

Foster's said today (4 November) that Reeves' "prior experience with corporate demergers will be valuable". He replaces Angus Mckay, who announced his resignation in September, and has been appointed on a fixed term contract, beginning 8 November. Reeves was CFO of OneSteel from 2001 to 2009.

The length of his Foster's contract was not disclosed, but that it has a fixed term adds more evidence that Foster's is determined to demerge its beer and wine operations in the first half of 2011 as planned.

Last month, Foster's chairman David Crawford said that expert advisers had given their blessing to the plan to split the Australian beer division, Carlton & United Breweries, from the global wine business, Treasury Wine Estates. He said that plans were "on-track", but a final decision on would depend on market conditions.

The standalone businesses are widely expected to attract takeover bids and Foster's has already rejected a AUD2.7bn (US$2.67bn) private equity bid for Treasury Wine Estates.

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