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Seni Adetu bids farewell to EABL

NAIROBI, Kenya, Apr 30 – East African Breweries Limited (EABL) has announced a change of guard, with the exit of its Chief Executive Officer (CEO) Seni Adetu.

Adetu, who has led the regional brewer since July 2009, will be taking up the role of CEO and Managing Director (MD) for Guinness Nigeria from July 1.

EABL has in turn appointed Devlin Hainsworth as CEO, who is the current MD of Guinness Nigeria.

Hainsworth joined Diageo in 1999 and was MD of Guiness Ghana until 2006, after which he became the Transformation Director for Diageo until 2008 when he joint his current post at Guinness Nigeria.

EABL that is 50.03 percent owned by Diageo, said with Adetu at its helm, the company’s beer portfolio has grown as well as improved performance in its spirits segment.

The CEO swap follows an ongoing revamping of EABL’s board, which saw the appointment of two new board members and retirement of the former long serving chairman Jeremiah Kiereini in February as well as the addition of a finance director in January this year.

EABL’s net profit for its half-year results for the period up to 31 December 2011 stood at Sh4.4 billion representing a 38 percent growth, with Kenya’s figures registering a 14 growth in turnover, despite the challenges of the Alcohol Drinks Control Act and increased Excise Taxation.

In its third quarter revenue performance the Kenya Revenue Authority (KRA) reported that non-malt containerized brands saw a volume growth of 60 percent over the last nine months, after tax incentives meant to discourage consumption of illicit brews saw consumers gravitate away from beer to tax-free non-malt brands.

EABL concluded the acquisition of a minority stake of 20 percent in Kenya Breweries Limited as well as the sale by Public Offer of its 20 percent shareholding in Tanzania Breweries Limited finalized in January this year.

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