Tolaram has announced a new management board for the company Guinness Nigeria PLC, effective from Monday, 30th September 2024.
This is following the completion of the transaction for the acquisition of 58.02 percent controlling shares in the company.
In a corporate action announcement approved by the Nigeria Exchange Limited for publication on the NGX Issuers portal, Guinness Nigeria PLC announced the following resignations from its Board of Directors including Mr Adebayo Alli – Managing Director/CEO, Ms Joan Hodgins – Non-Executive Director, Mrs Grainne Wafer- Non-Executive Director, Mr Leo Breen, while confirming the appointment of a new board namely: while Mr Girish Sharma will step in as the new Managing Director/CEO, Mr Haresh Aswani – Vice Chair & Non-Executive Director, Mr Deepak Singhal – Non-Executive Director, and Mr John Musunga – Non-Executive Director.
It may be recalled that in June 2024, Diageo and Tolaram announced a proposed transaction that would have Diageo transfer ownership of its 58.02% shareholding in Guinness Nigeria to Tolaram, making Tolaram the new majority shareholder, while establishing long-term license and royalty agreements for the company’s continued production, marketing and sale of the Guinness brand and all its locally manufactured Diageo ready-to-drink and mainstream spirits brands in Nigeria.
Commenting on the completion of the share transfer transaction and the newly constituted Board, Board Chair, Dr. Omobola Johnson remarked that “The Board, Management and employees of Guinness Nigeria are excited about what the future holds in this new era as we embrace the tremendous opportunities presented by the vast experience and decades of remarkable presence of Tolaram in Nigeria building great brands.
“We thank all the directors that are exiting the Board for their contributions to the growth of Guinness Nigeria and their tireless efforts to ensure a smooth transition for the share transfer transaction.
“We commend Mr. Adebayo Alli, the outgoing Managing Director who during his short but remarkable tenure delivered a solid platform for the future growth of Guinness Nigeria. We wish him well as he moves into his exciting new role within Diageo Africa.”
Dr. Johnson also welcomed all the newly appointed Directors to the Board as the Board looks forward to their contributions in taking the business of the Company to new heights of growth, sustainability, and value creation for all stakeholders.
