Nigerian Breweries, Two Others Announce Resignation Of MD, Chairmen

The boards of three companies quoted on the Nigerian Stock Exchange (NSE) announced the resignation of a chief executive and two chairmen told investors on Thursday.
Nigerian Breweries Plc, the NSE’s largest company by market capitalization (behind Dangote Cement Plc), wrote to inform the market that Nicolaas Vervelde, its chief executive of almost seven years, submitted his letter of resignation to the board, Wednesday, May 3, 2017, having completed his tour of duty in Nigeria.
The resignation is however with effect from June 16, 2017, after which he takes up a new role with the Heineken Group outside the country.
According to the statement by Uaboi Agbebaku, NB’s company secretary and legal adviser, dated May 4, 2017, recalled that “having previously served on the board as a non-executive director, Mr. Vervelde rejoined the board (of NB) on the 1st of August 2010 as Managing Director/CEO and has successfully managed the affairs of the company ever since.”
He noted that under Vervelde’s leadership, NB successfully recorded several laudable milestones, “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,” just as it ensured a consistently good return on investment for shareholders within the period.
Agbebaku assured also that the board has commenced the process of shopping for Vervelde’s replacement and would make an announcement on the subject in due course.
On Thursday also, the board of Ashaka Cement Plc, announced the resignation of its board chairman, Mallam Suleiman Yahyah with effect from Monday, May 2, 2017, following the ongoing delisting of the company from the NSE.
The company is on the verge of being merged with its sister company- Lafarge Africa Plc, which is also majority owned by world acclaim cement giant- Lafarge Holcim.
Yahyah joined the board of AshakaCem in 2010 and became board chairman in March 2015, according to Zainab Silas-Umaru (Mrs), its company secretary.
In its own statement to the exchange on Wednesday, Cornerstone Insurance Plc announced the exit of Paul Kokoricha as chairman, without offering any reason for the action.
In his place, Segun Adebanji, a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and Chartered Association of Certified Accountants, and one of the board’s non-executive directors was named chairman.
He garnered experience from UAC of Nigeria and Unilever Plc, London and South Africa and was Financial Director of Nigerian Breweries Plc, from where he became managing director of Heineken Ghana Breweries and Namibia Breweries.