Why Vervelde, Nigerian Breweries Plc MD, Resigned

On Thursday 4 April, 2017, a notice was posted to the Nigerian Stock Exchange by the brewing giant, Nigerian Breweries Plc intimating the bourse that its Managing Director, Mr. Nicholaas Vervelde is stepping down from his position.

According to statement signed on behalf of the company by Messrs Uaboi Agbebaku, the legal adviser to Nigerian Breweries Plc Thursday afternoon, Mr. Vervelde resigned to take up a new role within the Heineken Group outside Nigeria.

“In anticipation of that and preparation to take up a new appointment, Mr. Vervelde submitted a letter of resignation, from the Board and the company, to the Board of Directors (“the board”) at the Board Meeting held yesterday, the 3rd of May, 2017,” said Agbebaku.

The Board accepted the resignation which will take effect on the 16th of June 2017.

Nigerian Breweries Plc largely owned by the Dutch beer maker, Heineken.

Having previously served on the Board as a Non-Executive Director, Vervelde rejoined the Board on 1 August, 2010 as Managing Director, and until his resignation on Wednesday, served as the company’s Chief Executive Officer.

Under Vervelde, according to Agbebaku, the company recorded several milestones, leading to acquisition of additional breweries.

“The Board has immediately commenced the process of identifying a replacement for Mr. Vervelde and will make an announcement in that regard in due course,” Agbebaku said.

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.

The Company ensured a consistently good return on investment for its Shareholders throughout his tenure despite the recent challenges of the operating environment.