News: Guinness Nigeria PLC relieves Seni Adetu as MD, John O'Keefe takes over

Guinness Nigeria Plc has relieved Mr Seni Adetu as its Managing Director and has appointed Mr John O’Keefe, an Irish, to take over from him.

Guinness Nigeria Plc results have been allegedly poor since Adetu became Managing Director, posting weaker margins year after year and losing market share in its wake.

The company share price has also lost significant value dropping from about N290 a year ago to about N175 this month. Here is a full transcript of the press release.

Guinness Nigeria Plc has notified The Nigerian Stock Exchange that Mr. Seni Adetu will be stepping down as the company’s Managing Director/Chief Executive Officer in November 2014, after two and half-years in that position. During his time in the role, he creditably led the business and successfully completed the expansion project and commenced a major transformation in the company’s Route-to-Consumer.

Prior to taking up this assignment, Mr. Adetu was the Managing Director of Guinness Ghana Breweries Ltd; and East African Breweries Ltd where he achieved great success. Having completed his assignment, he will report to Nick Blazquez, President, Diageo Africa and Asia starting January 2015.

The Company also announced the appointment of Mr. John O’Keefe as Mr. Adetu’s successor. Mr. O’Keefe has been in Diageo for over 20 years, and has had a very strong career.

He started his career as a graduate trainee for Guinness Ireland, holding many marketing roles in Ireland before moving to Jamaica as Marketing Director.

Mr. O’Keeffe and his family moved to the Nordics where he held his first Managing Director and then moved to Athens where he spent 2 years as the Europe Marketing Director for Johnnie Walker.

He became the Managing Director, Russia and Eastern Europe based in Russia before returning to Ireland to take up his current role as Global Head of Diageo Innovation and Global Head of Beer & Baileys. Mr O’Keefe has been a Board member of Guinness Nigeria Plc for the past two years.

Mr. John O’Keefe has a Bachelor of Commerce (Hons) in Economics & Marketing from Cork University. Given his track record as successful Managing Director in a significant emerging market, his depth of experience on Guinness stout and across the wider portfolio and the knowledge he built of Guinness Nigeria Plc, he brings a unique combination of skills to this role.

Mr. O’Keefe will resume in his new role November 2014. To ensure a smooth transition, Mr. Adetu will work alongside Mr. O’Keefe until the end of December 2014.