A family affair?
At the beginning of February 2003, the board of Southcorp, Australia’s largest wine producer, sought and obtained the resignation of CEO Keith Lambert with immediate effect. Southcorp’s CEO Keith Lambert was forced to resign, just two weeks after the wine making giant had delivered its second earnings downgrade in less than a year. The board, including Lambert’s father-in-law Bob Oatley, asked the chief executive to leave.
Lambert is married to the daughter of Southcorp deputy chairman Oatley, the founder of Rosemont Estates which merged with Southcorp in July 2001. Bob Oatley and his son, Sandy Oatley, who is also on the Southcorp board, are directors of Reline Investments, which is Southcorp’s biggest shareholder.1 million for fiscal 2003..
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