Martin Oduor-Otieno has been appointed to EABL's board. Photo/FILE
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Dr Oduor-Otieno replaces former chief executive Seni Adetu who had been occupying the seat since he left the firm on July 1 to head Guinness Nigeria.
Former Kenya Commercial Bank chief, Dr Martin Oduor-Otieno, has been appointed as a director in the board of the country’s leading brewer as it seeks to tap into his managerial experience in both the public and private sector.
East African Breweries Limited announced that Dr Oduor-Otieno replaces former chief executive Seni Adetu who had been occupying the seat since he left the firm on July 1 to head Guinness Nigeria.
Dr Oduor-Otieno has previously worked with Barclays Bank of Kenya, British American Tobacco and also as the Permanent Secretary in the Ministry of Finance.
“Dr Oduor-Otieno brings on board a wealth of financial expertise and management experience in both the public and private sectors, having previously worked in senior positions,” a statement from the brewer read in part.
He joined KCB in October 2005 as deputy chief executive, become the CEO in May 2007 where he has steered the bank to becoming Kenya’s largest bank in terms of profitability and by asset base.
He holds a Bachelor of Commerce degree from the University of Nairobi, an Executive MBA degree from the ESAMI/Maastritch Business School, and is a fellow of both the Kenya Institute of Bankers and Institute of Certified Public Accountants of Kenya.
The former KCB chief joins EABL’s board at a time when the brewer has recorded slower growth in the half to December according to disclosures made on January 31 by its parent company Diageo.
Diageo, which owns 50.03 per cent of EABL, announced results for the six months to December showing that net sales from beer grew 11 per cent while premium spirits like Johnnie Walker and Smirnoff growing 38 per cent and 24 per cent respectively.
But the growth in the products is slower than what the brewer recorded in a similar period the previous year when Johnnie Walker, Smirnoff and Tusker recorded net sales growth of 51 per cent, 57 per cent and 21 per cent respectively.
The brewer is expected to announce its results for the six months to December next Friday.
EABL’s finance costs rose 15 times in the year ended June, keeping its net profit margin flat despite a Sh10.7 billion increase in sales, results the new director will be part of trying to improve.
The branded alcoholic beverages firm’s finance costs stood at Sh4.5 billion compared to Sh272.1 million last year, partly driven by interest payments on a Sh19.9 billion loan from its parent Diageo.
The brewer’s chief executive Devlin Hainsworth has said that the company wants to produce locally in each of the regional markets to cut distribution costs.
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