Foster's CUB managing director resigns due to ill health

Australia's leading beer and wine producer Foster's Group Ltd announced Tuesday that the managing director of its CUB brewing unit Alex Stevens has resigned due to ill health.

Melbourne-based Foster's Group’s chief executive Ian Johnston will act as the boss of the CUB unit until next notice.

Commenting on Mr. Stevens’ departure, Mr. Johnston said, “Whilst we are very sorry about this unexpected development, we respect and support this decision and sincerely wish him well for the future.”

Since joining the brewer, Stevens oversaw a breakup of sales teams into specialists for wine and beer.

Earlier on Friday, the company warned that currency fluctuations could slash A$80-A$90 million from wine earnings for the six-month period ending December 31, in a move that put its shares under pressure.

Recently, shares in Foster's Group were trading at A$5.43-a-share, up 1.3 per cent.