Alert: Foster’s CEO Resigns
Foster’s Group announced today that the board has accepted the resignation of Chief Executive Officer, Trevor O’Hoy.
O’Hoy was appointed CEO in March 2004 and has led Foster’s through a period of significant structural and business change, including the acquisition of Southcorp Limited, the rationalization of the company’s manufacturing and logistics footprint and the divestment of significant non-core assets.
Says O’Hoy:
“It’s been a privilege to devote my working life to Foster’s and to lead a team of talented and passionate people through major change and significant challenge over the past four years”, Trevor said. “It’s now time to stand aside and allow the next generation of management to lead the business forward.”
Trevor has agreed to stay on to facilitate a transition until the appointment of his successor, says the company.
Foster’s Chairman, David Crawford said:
“Trading conditions have been tough and the continued strength of the Australian dollar has hit us hard.
The reality is we did not execute the Southcorp integration as well as we expected and operating conditions are now more challenging. We must also recognize and acknowledge that we paid too much to acquire wine assets.
We have been very open in saying wine returns are not acceptable and the Board is fully focused on delivering value for shareholders.
While we acknowledge that our performance in wine has been disappointing, there have been some notable performance highlights. Our innovation agenda has accelerated and our future innovation pipeline is very healthy.
On behalf of the Board, I sincerely thank Trevor for his hard work and dedication throughout his 33 year career with the business.”
David went on to say that the board will begin “a rigorous international search to identify a successor.”
Until tomorrow, Megan
“Nothing is impossible. Some things are just less likely than others.”
Jonathan Winters
--------- Sell Day Calendar ----------
Today's Sell Day: 6
Sell days this month: 21
Sell days this month last year: 21
This month ends on a: Mon.
This month last year ended on a: Fri.
YTD sell days Over/Under: 0
WINE & SPIRITS DAILY
Subscribe or check back issues at: www.winespiritsdaily.com
Send news and comments in confidence to: megan@winespiritsdaily.com
© 2008 Wine & Spirits Daily, all rights reserved. May quote with attribution.
O’Hoy was appointed CEO in March 2004 and has led Foster’s through a period of significant structural and business change, including the acquisition of Southcorp Limited, the rationalization of the company’s manufacturing and logistics footprint and the divestment of significant non-core assets.
Says O’Hoy:
“It’s been a privilege to devote my working life to Foster’s and to lead a team of talented and passionate people through major change and significant challenge over the past four years”, Trevor said. “It’s now time to stand aside and allow the next generation of management to lead the business forward.”
Trevor has agreed to stay on to facilitate a transition until the appointment of his successor, says the company.
Foster’s Chairman, David Crawford said:
“Trading conditions have been tough and the continued strength of the Australian dollar has hit us hard.
The reality is we did not execute the Southcorp integration as well as we expected and operating conditions are now more challenging. We must also recognize and acknowledge that we paid too much to acquire wine assets.
We have been very open in saying wine returns are not acceptable and the Board is fully focused on delivering value for shareholders.
While we acknowledge that our performance in wine has been disappointing, there have been some notable performance highlights. Our innovation agenda has accelerated and our future innovation pipeline is very healthy.
On behalf of the Board, I sincerely thank Trevor for his hard work and dedication throughout his 33 year career with the business.”
David went on to say that the board will begin “a rigorous international search to identify a successor.”
Until tomorrow, Megan
“Nothing is impossible. Some things are just less likely than others.”
Jonathan Winters
--------- Sell Day Calendar ----------
Today's Sell Day: 6
Sell days this month: 21
Sell days this month last year: 21
This month ends on a: Mon.
This month last year ended on a: Fri.
YTD sell days Over/Under: 0
WINE & SPIRITS DAILY
Subscribe or check back issues at: www.winespiritsdaily.com
Send news and comments in confidence to: megan@winespiritsdaily.com
© 2008 Wine & Spirits Daily, all rights reserved. May quote with attribution.
posted at 5:20 PM
<< Home