Foley Wines has announced a change in its board of directors.
Robert P Foley II has resigned as a director, effective immediately.
Foley has been on the board since April 2023.
The company said it has appointed William P Foley II as a director, effective from January 24, 2025.
However, the board has determined that William P Foley II is not an independent director, as he is a substantial product holder of the company.
According to the company's constitution, he will be required to retire at the next annual shareholders' meeting and stand for election by shareholders.
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