Foster's chief resigns over falling profits
Updated
The head of the Australian-based beverage company, Foster's, has resigned over falling profits.
Foster's chief executive officer, Trevor O'Hoy, led the company's transition from an Australian beer brewer to an international beer and wine maker.
But, our reporter, Michael Janda, says the Southcorp wine business acquired in 2005 has turned sour, as a rising Australian dollar hurts exports and high integration costs bite into profits.
Foster's chairman, David Crawford, says Mr O'Hoy fell on his sword.
He takes responsibility as CEO for where the company currently is, and believes it's appropriate that he resign," Mr Crawford said.
Foster's is writing down its asset values by up to $A700 million ($US663 million), and is downgrading its profit outlook.
