Foster's Group Ltd’s
(ASX:FGL) CEO Ian Johnson is due to step down from his position, following the demerger of the beverage company’s wine and beer businesses.
Foster’s says plans to create separate stock exchange listings for the two businesses are progressing well and the demerger is expected to be completed in the first half of 2011.
The demerger is subject to regulatory and statutory approval as well as a shareholder vote.
In September the company said it had rejected an unsolicited proposal worth up to $2.7 billion to buy the wine assets of Treasury Wine Estates.
Foster's Group posted a net loss of $463.4 million in the 2010 financial year.
