NIGERIA – International Breweries Plc, the Nigerian subsidiary of Anheuser-Busch InBev (AB InBev) has announced the appointment of Mr Richard Rivett-Carnac to its Board as a Non-Executive Director.
Mr. Rivett-Carnac replaces Phillip Redman who recently resigned his appointment as a Non-Executive Director of the company, reports Beverage Industry News.
In a statement, the company said that Mr Rivett-Carnac serves as the Mergers and Acquisitions/Treasury Director for AB InBev Africa, based in Johannesburg, South Africa.
Previously, Rivett-Carnac was the General Manager of the SAB Thrive Fund at the South African Breweries (Pty) Ltd (“SAB”).
The SAB Thrive Fund is a black private equity fund that has been set up and funded by SAB in partnership with the Awethu Project to transform SAB’s supplier base through acquisition, business development and fostering entrepreneurship.
Before his appointment as the general manager at SAB Thrive Fund, Rivett-Carnac’s served at various positions within SAB including as the District Manager of Johannesburg Central.
He also worked as the Executive Assistant to the former Managing Director, and was a member of the SABMiller Plc Corporate Finance and Development team based in the United Kingdom focusing on mergers and acquisitions for the SABMiller Plc Group.
Prior to joining SABMiller Plc in London in 2009, Rivett-Carnac qualified as a Chartered Accountant (SA) in Johannesburg with KPMG and has a vast experience in in Investment Banking through his years of work under the sector.
Rivett-Carnac holds a Bachelor of Business Science degree from the University of Cape Town and a Bachelor of Commerce Honours (Accounting) from the University of Natal Durban.
International Breweries Plc engages in the beverage sector as a manufacturer, distributor and marketer of beer, alcoholic flavoured beverages, non-alcoholic beverages, and soft drinks in Nigeria.
During its nine months to 30th September 2018 period, the company reported net loss of US$19.53 million despite a 128% growth in revenues for the period to US$228 million from US$100 million in the prior year.
The brewery pinned the underperformance on increased expenses and higher finance costs which rose 187% to US$25.31 million.
International Breweries Plc’s product portfolio includes major brands across the country such as Trophy Lager, Trophy Black, Castle Milk Stout, Castle Lager, Redds, Hero, Grand Malt, Betamalt malt drink, and Voltic Water.
