Flour Mills of Nigeria (FMN) Plc, one of Nigeria’s leading integrated food and agro-allied companies, has announced the retirement of Paul Gbededo as its Group Managing Director/Chief Executive Officer, effective December, 31, 2020 ,while Mr. Boye Olusanya has been appointed to take over effective January 1, 2021.
The company said in a statement that Gbededo’s career with the FMN Group started at the Nigerian Bag Manufacturing Company (BAGCO) as a management trainee in 1982.
Since then, he had taken up several managerial positions within the group. On the 13th of March 2013, he was appointed a member of the Board of Directors and designate Group Managing Director / Chief Executive Officer,which position he assumed fully effective April 1, 2013.
Commenting on the retirement of Gbededo, Chairman of FMN, Mr. John Coumantaros, said:
“Paul is a brilliant colleague and an exceptional leader who we will miss dearly. On behalf of the board I must express our heartfelt thanks for his extraordinary contributions in leading our great company through a period of growth, expansion and profitability.
“After 38 years of meritorious service to the Group, he is leaving the business in an executive capacity at an excellent position for further growth and we wish him the very best as he takes on a new chapter in life, which I trust will include a well-earned rest and plenty of time with his beloved family.”
On his part, Gbededo said: “It has truly been a great privilege and honour to have worked with some of the best minds in our country and indeed across the world.
“I am truly proud of our rich heritage, our winning culture and market capability that had over the years positioned us for continuous growth.
“I cannot deny that I will miss the rigorous strategy sessions with the board, the passion of the executive team, and of course the relentless inventive spirit of our people across various businesses locations in the country.
“Nevertheless, I must say that I am confident that it is time to hand over leadership to the next generation.”
Also speaking, the GMD/CEO designate, Olusanya said: “Paul, my mentor and friend, is an outstanding business leader and fine gentleman who had played well his part and did great things for our company.
“He has left behind some big shoes to fill and our company is, because of his strategic leadership, on a solid base to build from. I shall be counting on his advice to take our company to the next level.”
Meanwhile, upon retirement from the position of GMD / CEO, the board has appointed Gbededo as the non-executive vice chairman of the board of directors of FMN Plc.