Australia's Foster's Group confirmed on July 2 the previously announced departure of its president and CEO Ted Kunkel after 36 years with the group. He had been CEO for 12 of those.

The company said his departure package included superannuation, long service and annual leave entitlement accrued over 36 years of A$12,255,064. He also got payments and benefits in lieu of contractual benefits valued at A$1,750,000, plus continued participation in the long term incentive plan, which Kunkel was granted in 2000, 2001, 2002 and 2003.

He also will receive a "non-complete" agreement, including the provision of consultancy services to the group until 31 August 2006, for A$100,000 per annum.

Under his contract, Kunkel was entitled to a lump sum on cessation of his employment representing three times his annual cash remuneration.

However, by mutual agreement with the board, Kunkel is foregoing most of this cash payment in return for a considerably lower cash amount and continued participation in performance-linked long-term incentive plan entitlements.

Frank Swan, chairman of Foster's Group said: "In his 12 years as CEO Mr Kunkel transformed Foster's from a company facing considerable upheaval, with a seriously impaired balance sheet, into one of the world's leading premium branded beverage companies with a market capitalisation in excess of A$9.5 billion."

02 July, 2004