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11 June 2008

Fosters CEO hears last orders

Iconic brewer accepts resignation after poor results.

trevor o'hoyAustralia-based beverage company, Fosters Group, has announced the resignation of its CEO, Trevor O'Hoy (pictured, right).

In a statement to the Australian Stock Exchange, the company gave a revised profit outlook and said it had accepted Hoy's resignation after 33 years with the company and 4 years in charge.

The company cited disappointing results from its recent AU$7 billion expansion into the global wine trade as the main reason for O'Hoy's departure.

New strategy to be set
Industry analyst Elizabeth Knight says O'Hoy was edged out after a run of bad luck and poor decisions, and an entirely new executive team will likely be created to allow for a reshaping of Fosters' business strategy.

O'Hoy will stay on to facilitate the transition to his as yet unnamed replacement, while Fosters Group conducts a strategic review of its wine business.

Significant dismissals in Australian business
Trevor O'Hoy's resignation represents Australia's second high-profile CEO departure in less than a month, with IAG chief executive Michael Hawker stepping down at the end of May following a dissolved takeover discussion with competitor QBE, and months of speculation about his future.

An entirely new executive team will likely be created to allow for a reshaping of Fosters' business strategy.

Have your say
How can you communicate a CEO's departure in difficult circumstances? How will this next significant change affect employees and where should the communications team start with introducing the new leader?

Discuss these issues with your peers by joining the Internal Comms Hub members' group on the Communicators' Network.

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