Change of baton at Guinness Nigeria
Guinness Nigeria Plc has announced the appointment of Mr. Baker Magunda as the new Chief Executive Officer (CEO) of the company.
Until his appointment, Magunda is currently the Managing Director of Meta Abo Breweries, one of the subsidiaries of Diageo companies in Ethiopia.
His appointment is expected to take effect when the current Chief Executive Officer of Guinness Nigeria Plc, Mr. Peter Ndegwa, will be stepping down at the end of the 2018 financial year after three years in the saddle.
Ndegwa will be taking up a new role as the Managing Director, Continental Europe & Russia, within Diageo Plc, Guinness Nigeria’s parent company.
The outgoing CEO of Guinness Nigeria Plc who has worked in the company for nearly three years has overseen the recent transformation at the company, including the successful rights issue and implementation of the productivity programme.
The recent Q3 financial performance has shown the improvement that these projects are delivering.
Specifically, Guinness Nigeria Plc under Ndegwa has delivered revenue of N29.9 billion representing a 30% and 24% increase respectively over the same period last year.
The results reflected continued growth within the spirits business as well as benefit of an expanding pot-folio.
The results released recently to the Nigerian Stock Exchange (NSE) also showed a 12% increase in the company’s marketing expenses.
The increase indicates continued investment behind its brands. Some of the measures put in place by Ndegwa were parts of the strategy to drive efficiency which will help position the company for more sustainable growth.
Meanwhile, under Baker’s tenure as the Managing Director of Meta Abo Breweries, the company has seen the launch of various brands and strong innovations being brought to the market place.
He has nearly twenty years experience in the consumer goods and alcohol industry and has worked across Africa in Uganda and Kenya as well as Ethiopia and the Sudan.
The Guinness Nigeria Plc Chairman, Mr. Babatunde Abayomi Savage, who commented on the recent appointments, thanked the out-going CEO while expressing his hope of working cordially with the in-coming Managing Director.
In his words:”I would like to thank Peter for his transformational work over the past few years; he has led the business through challenging times and taken us forward. It is great to see him moving on within Diageo. I would also like to use this opportunity to welcome Baker to the role. I look forward to working with him”
Peter Ndegwa added: “We have been on a significant journey in Nigeria over the past few years and I am proud of the work that has been done and where the company has got to. The business has more to do certainly and I know the team under Baker’s excellent leadership will do well. I look forward to my new challenge and will follow the progress of Guinness Nigeria with interest”
While commenting on his forthcoming new role, Mr. Magunda said: “I am delighted to be joining Guinness Nigeria at this time. The team has worked hard to deliver change and progress in a complicated economic environment. I look forward to continuing Peter and the team’s work when I formally join the company. There is a lot to go after and as Nigeria’s only total beverage alcohol player, there is a great opportunity.”
The formal appointment will be announced to the Nigerian Stock Exchange when Mr. Magunda is officially appointed to the Board of Guinness Nigeria Plc.
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