Encomium
“Leading brewing company, Guinness Nigeria Plc, a subsidiary of Diageo Plc has announced some changes in the leadership of Guinness Nigeria Plc. After two and half years, Mr. Seni Adetu will be stepping down as Managing Director/CEO of the company at the next board meeting in November 2014. During his time, Seni creditably led the business, successfully completed the capacity expansion project and commenced a major transformation in the company’s Route-to-Consumer.
“Under Seni’s leadership, the quality and diversity of our portfolio have been enriched with the renovation of Guinness FES and Harp, the repositioning of Dubic and Satzenbrau, the expansion into mainstream spirits and soft drinks categories, the introduction of new brands like Snapp and Orijin. In the period, we have won the Advertisers Association of Nigeria (ADVAN) award for best beverage innovation in Nigeria in 2014 with Orijin and sustained Guinness Nigeria’s long-standing position as one of the most reputable companies in Nigeria.
“Prior to taking up this assignment, Seni was the Managing Director of Guinness Ghana Breweries Ltd., based in Accra, Ghana and East African Breweries Ltd., based in Nairobi, Kenya where he achieved great success. Having completed his assignment, Seni will report to Nick Blazquez, President, Diageo Africa and Asia, starting January 2015. The details of Seni’s next role will be subject to a further announcement.
“The company also announced the appointment of Mr. John O’Keeffe as Seni’s successor. John has been in Diageo for over 20 years, and has had a very strong career. John started his career as a graduate trainee for Guinness Ireland, holding many marketing roles in Ireland before moving to Jamaica as Marketing Director. Following this, John and his family moved to the Nordics where he held his first Managing Director role, and then moved to Athens where he spent 2 years as the Europe Marketing Director for Johnnie Walker. After this, John became the Managing Director, Russia and Eastern Europe based in Russia before returning to Ireland, to take-up his current role as Global Head of Diageo Innovation and Global Head of Beer & Baileys.
“John has been a board member of Guinness Nigeria Plc for the past two years. John has a Bachelor of Commerce (Hons.) in Economics & Marketing from Cork University.
Given his track record as a successful Managing Director in a significant emerging market, his depth of experience on Guinness stout and across the wider portfolio and the knowledge he has built of Guinness Nigeria Plc, John brings a unique combination of skills to the role.
“Mr. O’ Keefe will resume his role in November 2014. To ensure a smooth transition, Seni will work alongside John until the end of December 2014”.
Meanwhile, sources maintained that Adetu allegedly resigned as MD of Guinness Nigeria following decline in the profit of the company in the last two years, about the time he has been at the helm of affairs at the company.
It was reported that Guinness Nigeria Plc performed poorly compared to some of its competitors in the last two years Adetu has been steering the ship of the reputable organisation. Though the company has been making profit, it has declined and the management felt drastic step has to be taken to reposition the organisation.
Guinness Nigeria Plc’s revenue rose by four per cent in the financial year ended June 30, 2013, but its profit before tax and profit after tax fell by 17 per cent to N17.009bn from N20.383bn and N11.864bn from N14.215bn a year earlier.
Its basic earnings per share and fully diluted earnings per share were both down by 18 per cent to N793 from N964 in the same period.
The report also said that ‘the performance did not improve the year after as the financial year ended June 30, 2014 saw its revenue dip by 11 per cent to N109.202bn from N122.46bn. Its profit before tax fell by 31 per cent from N17.009bn to N11.681bn, while its profit after tax declined by 19 per cent to N9.573bn from N11.864bn. “The basic earnings per share and fully diluted earnings per share declined further by 20 per cent to N636.
“Despite the drop, the company has continued to pay dividends to its shareholders. It paid N10.5bn, representing N7 per 50 kobo ordinary share for the year ended June 30, 2013, and declared a payment of N3.20 for the year ended June 30, 2014, subject to the approval of its shareholders at its Annual General Meeting scheduled for November 13. The company’s shares have also declined significantly.”
Mr. Adetu, 51, is a Chemical Engineering graduate of the University of Lagos, Nigeria. He holds a Post-Graduate degree, M.B.A with specialisation in Marketing from the University of Lagos. He is married to Janet and the union clocked 28 this year.
-FEMI OYEWALE
