By Ian Neubauer
The Foster’s Group today announced the appointment to its board of a senior marketing executive with extensive North American experience in the wake of a worsening slowdown of the company’s US wine sales.
Canadian citizen Paul Clinton will join Foster’s board of directors as an independent director, effective March 25.
Clinton held a series of senior marketing and managerial roles in the US with Diageo in the 1990s before his appointment as president and CEO of Diageo North America in 2000. Clinton also sat on the Board of Directors of the Distilled Spirits Council of the United States.
“On behalf of shareholders, I am very pleased to welcome Pail to the Foster’s Board,” said Foster’s chairman, David Crawford. “Paul’s industry knowledge and extensive experience in the important North American drinks market brings a valuable perspective to the Foster’s Board.”
The Australian Financial Review reported today Foster’s sales and volume growth in the US wine market slumped 4 per cent last month against an overall market that made small gains despite a serious economic slowdown triggered by the sub-prime mortgages meltdown.
Foster’s shares fell 19 per cent yesterday to $5.18. Marginal gains were made today with the brewer’s shares climbing 4 cents in value by midday.