Mr.Nicolaas Vervelde, MD Nigerian Breweries Plc
Mr.Nicolaas Vervelde, MD Nigerian Breweries Plc

Nigerian Breweries Plc hereby announces that its Managing Director/CEO, Mr. Nicolaas Vervelde, will complete his assignment in the Company on the 16th of June, 2017 to take up a new role within the HEINEKEN Group outside Nigeria. In anticipation of and preparatory to assuming his new role, Mr. Vervelde submitted a letter of resignation to the Board of Directors (“the Board”) at the Board Meeting held on the 3rd of May, 2017. The Board accepted the resignation which will take effect on the 16th of June 2017 and has informed The Nigerian Stock Exchange of the development.

Having previously served on the Board as a Non-Executive Director, Mr. Vervelde rejoined the Board on the 1st of August, 2010 as Managing Director/CEO and has successfully managed the affairs of the Company ever since. The Company has recorded several laudable milestones with Mr. Vervelde at the helm of affairs including the expansion of its operations through the acquisition of additional Breweries.

Through a twin agenda of Cost Leadership and Market Leadership supported by innovation, the Company also expanded its portfolio of brands while equally focusing on internal efficiencies. The Company ensured a consistently good return on investment for its Shareholders throughout his tenure despite the recent challenges of the operating environment.

The Board has immediately commenced the process of identifying a replacement for Mr. Vervelde and will make an announcement in that regard in due course.