Australian winemaker Southcorp said that CEO Keith Lambert had resigned in the wake of the company slashing its profit forecast by 14%.
Chairman of Southcorp, Brian Finn, will assume the role of executive chairman until a successor is appointed, the company said in a statement.
Finn noted that the merger of Rosemount and Southcorp was complete but due to “recent financial performance" the board felt different leadership skills and experiences were needed to take the company forward.
Finn added that management was to focus on “improving business performance through better product mix, lower operational costs and more effective promotional spending”.
The Aussie press speculated that a A$3.3bn-plus takeover or merger bid may come from Foster's, Diageo, Allied Domecq or US producer Kendall-Jackson Wine Estates.
Chairman of Southcorp, Brian Finn, will assume the role of executive chairman until a successor is appointed, the company said in a statement.
Finn noted that the merger of Rosemount and Southcorp was complete but due to “recent financial performance" the board felt different leadership skills and experiences were needed to take the company forward.
Finn added that management was to focus on “improving business performance through better product mix, lower operational costs and more effective promotional spending”.
The Aussie press speculated that a A$3.3bn-plus takeover or merger bid may come from Foster's, Diageo, Allied Domecq or US producer Kendall-Jackson Wine Estates.
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