Senu Adetu (pictured) will move to Nigeria to assume the CEO role at Guinness Nigeria,” said a notice from EABL that will appear in Saturday Nation. FILE
East African Breweries Limited (EABL) has appointed a new chief executive Devlin Hainsworth to replace Seni Adetu who will be taking a similar role in Nigeria from July 1.
Mr Adetu will assume the role of CEO Guinness Nigeria plc, which is currently headed by Hainsworth and is majority owned by Diageo that also holds a 50.03 per cent stake in EABL.
Mr Adetu has helmed EABL since July 2009 in a period when Nairobi Securities Exchange listed brewer has made significant changes to its executive suite that has culminated in the increase in the number of senior managers seconded from Diageo.
“The chairman and board of East Africa Breweries Limited wish to announce that as of 1st July 2012 Mr Senu Adetu…will move to Nigeria to assume the CEO role at Guinness Nigeria,” said a notice from EABL that will appear in Saturday Nation.
In the announcement, EABL noted that the incoming CEO joined Diageo in 1999 where he has managed "significant brand share and led the acquisition of Ghana Breweries Limited."
"Under his leadership Guinness Nigeria has seen tremendous growth through its portfolio of beer brands including Guinness and Harp, and the establishment of Diageo Brands Nigeria.”
This has seen EABL unveil new brands in the Kenyan market in an attempt to defend a market that generates more than 70 per cent of its sales as eyes growth in Uganda, Tanzania, South Sudan and the Great lakes
The brewer is also facing threats on its sales in the Kenyan market as the industry settles to the new alcohol law that reduces the number of hours bars can operate and legalising traditional, often cheap liquors.
The executive changes also come when the giant brewer’s accumulated cash has been depleted by new acquisitions including the purchase of a 51 per cent of Tanzania’s Serengeti Breweries Limited for Sh4.9 billion.
It also received a Sh19.5 billion loan from Diageo to finance the re-purchase of its subsidiary, Kenya Breweries (KBL) from international beer maker SABMiller—which is expected to put pressure on the cash position of EABL on financing costs.
Its cash position stood at Sh1.5 billion in December compared to Sh8 billion in July 2010 and its net profit increased 17.3 per cent to Sh4.8 billion in the six months to December.
