EABL Group Managing Director Devlin Hainsworth (right) and Group Finance Director Tracy Barnes (left) during the release of full year results for the period to June 30, 2012 at the Serena Hotel on August 24, 2012. PHOTO / SALATON NJAU
East African Breweries Limited (EABL) has announced the imminent exit of its chief executive officer Devlin Hainsworth after only eight months at the helm of the regional brewer.
EABL’s unexpected announcement also noted that Mr Hainsworth would be succeeded by Charles Ireland on April 1.
“Devlin Hainsworth will be leaving his position as Group Managing Director of EABL as of 31st March 2013 in order to pursue other interests outside of EABL and Diageo,” said Charles Muthune, EABL’s chairman in a statement.
“Further to this announcement we are pleased to announce the appointment of Charles Ireland as Group Managing Director East African Breweries Limited, effective 1st April 2013.
Prior to his appointment, Mr Ireland was the managing director of Guinness Anchor Berhad (GAB) in Malaysia, a joint venture between Diageo plc and Asia Pacific Breweries.
This announcement comes exactly a week after EABL posted a 14.45 per cent drop in net income with a rise in revenues for the half year ended December last year.
The company said that its profits dropped to Sh3.755 billion for the six months to December 2012 compared to Sh4.389 billion during similar period in 2011.
EABL’s revenues rose by 10.28 per cent to Sh30.633 billion from Sh27.777 billion on increased sales of beer and spirits.
The drop in profits was attributed to increased finance costs related to the acquisition of Serengeti Breweries in Tanzania and an increase in operating costs.
