CCA chairman David Gonski said: “The next 18 months will be crucial for CCA in the further development of its alcoholic beverage strategy and the accelerated plans for growth of the Indonesian business, and the board felt it was prudent to provide the market with certainty as to Terry’s tenure.
“In his 11 years so far as group managing director, Terry has made a significant and lasting contribution in transforming CCA into a world-class, premium multi-beverage business. The market capitalisation of CCA has increased from $3.5bn to $11.4bn, Group return on capital has increased from just over 7% in 2001 to 24% today, generating total shareholder returns of nearly 400%.”
The board will form a subcommittee over the coming months to commence the search process for the new group managing director, which is expected to include internal and external candidates.
Gonski added: “The board will seek to ensure an orderly transition during 2014 to the new group managing director and I very much look forward to working with Terry over the next 18 months.”
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