Australia: The Board of Fosters Group Limited (Fosters) announced on March 3 the appointment of Mr Trevor OHoy as the next President and Chief Executive Officer of Fosters, replacing Mr Ted Kunkel who will step down from the position on 5 April, 2004.
Mr OHoy is currently Managing Director of Carlton and United Breweries and brings to the role more than 28 years operational and management experience at Fosters.
Since being appointed as Managing Director of CUB in November, 2002, Mr OHoy has overseen a significant improvement in performance, delivering impressive earnings growth, strengthened cash flows and strong margins. Prior to this, Mr OHoy was Fosters Chief Financial Officer and was responsible for the groups global financial affairs. In this role, Mr OHoy also oversaw development and execution of Fosters corporate strategy, including the groups move into global wine with the purchase of Beringer Wine Estates in 2000.
According to Fosters Chairman, Mr Frank Swan, Mr OHoy is exceptionally well qualified for the CEO position and has the ability and experience to lead Fosters into its next phase of development.
The Board is delighted, on behalf of shareholders, to have appointed such a high calibre executive to lead the company, Mr Swan said.
Trevor has shown in each of the areas of the business in which he has been involved, strong leadership and a determination to increase value for shareholders.
He understands extremely well the value of brands, the need to satisfy customer and consumers expectations, the importance of optimising the supply chain and the role people play in achieving first class business performance.
Throughout his career at Fosters, Trevor has demonstrated excellent strategic skills and the ability to bring fresh, new insight to each position he has undertaken making him the ideal candidate to lead Fosters next generation of management, Mr Swan said.
Commenting on his appointment, Mr OHoy said, It is a enormous honour to be appointed as Fosters CEO. I am looking forward to building on the strategic global premium branded beverages platform that is already in place and to maximising business performance in order to deliver better returns for shareholders, he said.
Fosters Group is a strong company. Its robust balance sheet position, cash flow generative characteristics and its enviable portfolio of premium brands position the company well for future growth, Mr OHoy said.
As a result of Mr OHoys appointment as President and CEO, he will also become an executive Director of the Fosters Board on 5 April, 2004.
Mr Kunkel will remain at Fosters until 30 June, 2004 to enable a smooth transition.
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