AUS: Former British Airways CEO Eddington to become Lion chair
By Dean Best | 29 February 2012
Former British Airways CEO Sir Rod Eddington is to become the chairman of Australian dairy firm Lion next month.
Eddington is a director at Lion and will replace Geoff Ricketts, who has been chairman of the Pura milk owner since 2009. Ricketts was also chair of Lion Nathan, the New Zealand brewer and winemaker that preceded Lion, from 2001.
The departure of Ricketts, announced today (29 February), comes after reports in Australia that Lion chief executive Rob Murray is also planning to leave the business next year.
"Reflecting back on an association with Lion in its various forms of over 30 years, I'm really proud of how our people have developed the company from its New Zealand origins into a leading regional consumer goods company," Ricketts said today (29 February).
The current Lion was formed last year when Japanese owner Kirin Holdings renamed its Lion Nathan National Foods subsidiary. Kirin had created that unit when it acquired Lion Nathan in 2009 and merged it with Australian dairy firm National Foods, which it had bought two years earlier.
Kirin's Australian operations have had a challenging year. Earlier this month, Lion reported lower annual profits from its dairy business after the loss of own-label contracts and amid deep discounting in the milk sector. The unit also contributed to the "majority" of a A$1.2bn impairment charge recorded by Lion during the year. Lion also warned that its dairy operations would continue to face "significant" margin pressures.
However, Ricketts added: "I leave a company with great brands and a fantastic culture, well placed to meet the challenges of the future."
Paula Dwyer, a former executive at PriceWaterhouseCoopers and stockbrokers Ord Minett, will replace Eddington as non-executive director at Lion.
Sectors: Dairy
Companies: National Foods, Kirin Holdings
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