FOSTER’S Group has announced the heads of demerged businesses, although it says it still hasn’t made a final decision on whether the business will be split.
But Foster’s said today that work on the potential demerger of its beer and wine business is progressing well.
Foster’s said in a statement that, should the demerger proceed, in the new year, its beer businesses, remaining under the Foster’s brand, would be led by David Crawford as chairman and John Pollaers as chief executive officer.
Mr Pollars would replace current chief executive Ian Johnston.
Board members would include Michael Ullmer and Paul Clinton.
The wine business, as Treasury Wine Estates, would be chaired by Max Ould, with David Dearie as chief executive officer.
Lyndsey Cattermole would be amongst other directors.
Foster’s says it continued to evaluate the issues, costs and benefits to Fosters shareholders, necessary regulatory and statutory approvals, and ongoing assessment of prevailing economic and capital market conditions.
“David (Dearie) and John (Pollaers) will now focus on confirming their senior leadership teams and realising the full potential of both the wine and beer businesses,” Mr Johnson said in the statement.
Foster’s said it expected to announce further non-executive directors ahead of any demerger proposal being submitted to shareholders.
Any demerger was expected to be implemented in the first half of calendar 2011, Foster’s said.
Source: www.news.com.au
