EABL chief executive set to resign

EABL Group Managing Director Devlin Hainsworth (right) and Group Finance Director Tracy Barnes (left) during the release of full year results for the period to June 30, 2012 at the Serena Hotel on August 24, 2012. PHOTO / SALATON NJAU

East African Breweries’ (EABL) managing director Devlin Hainsworth is set to resign from the company and from Diageo at the end of next month, eight months after he was appointed to head the regional brewer.

EABL, in a statement sent to the Capital Markets Authority (CMA) and the Nairobi Securities Exchange (NSE) on Friday, said that Mr Hainsworth will be replaced by Charles Ireland from April 1.

The announcement came a week after EABL announced a 14.45 per cent drop in net income to Ksh3.7 billion ($43 million) for the six months to December last year, compared to Sh4.38 billion (50.9 million) during a similar period in the previous year.

Mr Ireland has been the managing director of Guiness Anchor Berhad, a joint venture between Diageo—EABL’s majority owner—and Asia Pacific Breweries, Malaysia’s third largest consumer goods business which is listed on the Malaysian Stock Exchange.

“Mr Devlin Hainsworth will be leaving the position of group managing director of EABL effective March 31 in order to pursue other interests outside EABL and Diageo,” said EABL in the statement.

Mr Hainsworth was appointed managing director in July last year, replacing Seni Adetu who took over as the chief executive officer at Guinness Nigeria plc, which is also majority owned by Diageo.