O'Hoy Leaves Foster's

Foster’s Group CEO Trevor O’Hoy steps down today, with non-executive company director Ian Johnston assuming the role of acting CEO. Johnston will hold the interim position until a permanent successor to O’Hoy is found.

The board’s brief for Johnston is to “maintain senior management focus and energise the team to drive day-to-day business performance across product categories and global businesses”.

Johnston will also assist Foster’s Group chairman David Crawford in overseeing the company’s wine review, which is reassessing its wine business. It relates to their June 10 announcement that acknowledged they paid too much for their wine portfolio.

A Foster’s spokesperson said they will continue to seek the best operating model for the company, which has been called an “all-options review”. And while analysts and media reports have suggested a sale is required to split the Foster’s business, the spokesperson said no one should read into the review.

“There’s nothing on the table [in regards to a sale]. The focus is on operating this business to its potential, which is the best way to maiximise value for the shareholders,” he said.

Crawford acknowledged O’Hoy’s contribution to Foster’s over a career spanning 33 years. “We again thank Trevor for his significant contribution… and wish him well in his future endeavours,” he said.

Johnston became a director last September. He was formerly the managing director of global confectionary for Cadbury Schweppes.  

[Mon 21/07/2008 03:49:23]