AUS: O’Hoy: “It was my choice”

Former Foster's CEO Trevor O'Hoy has confirmed that he did resign from the Australian drinks company and that it was his choice.

Speaking from his office in Melbourne yesterday (12 June), O'Hoy said: "I don't think any time in my career I've done anything that I did not believe was in the best interests of Foster's shareholders.

"It's clear I haven't got every decision right, but the decision I made last weekend was in the interests of Foster's shareholders."

Earlier this week O'Hoy tendered his resignation to the board of Foster's after 33 years with the company, the last four of which had been as CEO.

His resignation came at the same time 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.

The drinks giant has now appointed executive search firm Heidrick & Struggles to conduct an international search for a new chief executive officer to replace O'Hoy.

Foster's said the search will commence "immediately" with a successful candidate expected to assume the role before the end of the year.

"We are a global drinks business with strong fundamentals", said chairman, David Crawford. "We are searching for a person with the right mix of proven leadership qualities, international experience and strategic, marketing and commercial skills to drive our business forward."

An update on the search is expected on 26 August at the release of Foster's 2008 financial results.

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