Kiereini exits, Muchene named EABL chairman

February 16, 2012
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, NAIROBI, Kenya, Feb 16 – Long serving East African Breweries Limited (EABL) chairman Jeremiah Kiereini has retired from the board he led for the past 24 years.

A statement to the Nairobi Securities Exchange (NSE) said an EABL board meeting on Thursday accepted the decision and appointed former PricewaterhouseCoopers (PwC) country leader Charles Muchene to take over as chairman.

The region’s biggest brewer is due to release its full year results for 2011 on Friday.

Muchene joined EABL in December 2011 as a non-executive Director, following his retirement at PwC.

The brewer’s shares closed on Thursday on a high of Sh177, two shillings higher than Wednesday’s ending.

Except for direction and guidance on general policy, the board has delegated authority for conduct of day-today business to the Group Managing Director (currently being held by Sani Adetu).

Seven out of the 12 members of the Board are non-executive.

East African Breweries Ltd is the region’s leading branded alcohol beverage business with subsidiaries in Uganda and Tanzania.

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