Magunda To Replace Ndegwa As Guinness Nigeria CEO

Alcoholic beverages making giant- Guinness Nigeria Plc, on Wednesday announced the exit of its chief executive, Peter Ndegwa, who is being replaced by Baker Magunda.
In a statement to the Nigerian Stock Exchange (NSE), the company said Ndegwa, who has been at Guinness Nigeria for nearly three years, overseeing its recent transformation, including the successful Rights Issue and implementation of the productivity programme, is moving on to a new role within the global Diageo group, the parent company, to a new role.
The statement by Rotimi Odusola, Legal Director/Company Secretary, said the company’s recent Q3 financial performance has shown the improvement that these projects are delivering.
With nearly 20 years in the consumer goods and alcoholic beverage industry spanning Uganda, Kenya, Ethiopia and the Sudan, Magunda is currently Managing Director of Meta Abo Brewery, Ethiopia, also owned by Diageo.
Under Baker’s watch, the statement said Meta Abo has seen the launch of the Guinness brand in the country and a strong innovation pipeline of brands brought to market.
Commenting on the change, Guinness Nigeria’s chairman, Babatunde Abayomi Savage expressed the board’s appreciation to Ndegwa for his transformational work as MD, leading the business “through challenging times and taken us forward. It is great to see him moving on within Diageo. I would also like to use this opportunity to welcome Baker to the role. I look forward to working with him.”
Also commenting, Ndegwa said: “We have been on a significant journey in Nigeria over the past few years and I am proud of the work that has been done and where the company has got to. The business has more to do certainly and I know the team under Baker’s excellent leadership will do well. I look forward to my new challenge and will follow the progress of Guinness Nigeria with interest.”
Speaking on his forthcoming new role, Magunda noted: “I am delighted to be joining Guinness Nigeria at this time. The team has worked hard to deliver change and progress in a complicated economic environment. I look forward to continuing Peter and the team’s work when I formally join. There is a lot to go after and as Nigeria’s only total beverage alcohol player, there is a great opportunity.”
The statement did not say when the appointment takes effect, but added that a “formal appointment will be announced to the Nigerian Stock Exchange when Mr. Magunda is
officially appointed to the board of Guinness Nigeria.”