Beer giant Lion is on the hunt for a new chief executive after Stuart Irvine signalled he would be stepping down after eight years at the helm of the company which owns beer brands Tooheys, XXXX Gold, West End and James Boag.

The company has slimmed down after the $560 million sale of its Lion Dairy & Drinks milk and yoghurt operations to Vegemite owner Bega Cheese, which was finalised earlier this year. That gave Bega big brands such as Dairy Farmers, Yoplait, Big M, Masters and Farmers Union.