O'Hoy Resigns From Fosters

Written by Ian Robertson on 10th June 2008

Fosters Chief Executive Trevor O'Hoy has resigned from the group after admitting that they paid too much in acquiring their Wine business.

Fosters bought Southcorp in 2005 at the height of a wine boom in exports, however the predicted growth, especially to markets such as Asia and the US, has not been as predicted.

Fosters share price fell 6 cents by close of trade.

O'Hoy will stay on until a successor is appointed.