E-Malt.com News article: Australia: Foster’s CFO resigns amid beer and wine businesses demerger

Australia’s Foster’s Group has been hit by the resignation of its finance director in the midst of the demerger of its wine and beer businesses.

Angus McKay will leave towards the end of this year to join Asciano, the Australian ports and rail operator, as chief financial officer, Foster’s announced on September, 2.

His resignation comes as suitors including London-listed SABMiller and Japan's Asahi Breweries are among those eyeing a potential bid for Foster's brewing division.

Foster's plans to demerge into two companies in the first half of 2011, a process likely to be disrupted by Mr McKay's decision.

"His experience and business acumen will be missed at a time when the group is going through a complex demerger," said Paul van Meurs, an analyst at Deutsche Bank.

Mr McKay became Foster's chief financial officer in January 2008 after joining the group four years earlier.

The company's share price was down 1 cent at A$6.10. It has risen 18.4pc since plans for the demerger were revealed.

Foster's said a search for a successor to Mr McKay had already begun.


03 September, 2010