Fosters Group has elevated acting chief executive Ian Johnston to head of the company, following the departure of Trevor O'Hoy.
Mr Johnston had stepped into the chief executive role in an acting capacity in July.
"The board is delighted to have appointed such an experienced and capable executive to the CEO role at this important time in Foster's history," chairman David Crawford said.
"Ian has had an opportunity to get across the business during his time as acting CEO and will hit the ground running.
"Ian is passionate about Foster's and begins today with a renewed mandate to lift business performance in line with our own expectations and those of shareholders."
Mr Johnston said he was ready to take on challenge of driving improved and sustainable business performance.
"In my short time in the business, I've been impressed with the strength of our brands, the progress we are making in optimising our supply chain globally and the potential of our people," he said.
"Foster's has strong fundamentals, and I am absolutely committed to building on these strengths while improving business performance and tackling the strategic challenges we face."
In August, Foster's reported an 88.4 per cent decline in 2007/08 net profit to $111.7 million, after booking writedowns.
Foster's had initiated an international search to find a replacement for Mr O'Hoy.
"We have been absolutely clear and consistent that we would appoint the best person to lead the company, and have conducted a rigorous international search to this end," Mr Crawford said.
"Having initially intended to return to his non-executive role, Ian recently indicated his availability to take on the CEO appointment.
"Ian's mix of skills and experience, combined with the positive impact he has made over the past few months, convinced the board that he was ideal for the role."
Mr Johnston, who had served as a non-executive director of Foster's since September 2007, is a former managing director of global confectionery for Cadbury Schweppes plc.
He has more than 20 years experience with global fast moving consumer goods companies, Foster's said.
