UAC Announces the Retirement of Abdul Bello as Group CEO; Commences Search for Replacement

People
1255 VIEWS
Proshare - Facebook Proshare - Twitter Proshare - Google+ Proshare - Linked In Proshare - WhatsApp
Proshare

Thursday, December 06, 2018 11:00AM /By  Stanbic IBTC Stockbrokers With Additional Notes from The Editor

 

UAC of Nigeria has announced the retirement of CEO, Abdul Bello, effective 1 January 2019. Abdul Bello took over the role of CEO in 1 January 2018 after the retirement of then CEO, Larry Ettah. This development comes as a surprise and certainly not as well planned as Abdul’s appointment as substantive Group CEO, 5 months before Larry’s retirement. 

This is also not particularly positive given that the Group is currently undergoing a major review amid significant operational challenges. The review which began at the beginning of the year was guided to look into the following amongst others

1)      Non-performing businesses that required either new investments or divestments

2)     Potential acquisitions

3)     A review of the three JV partnerships

 

The outcome of this review was expected by half year 2018 but has since been delayed. 

Omolara Elemide, Executive Director, Corporate Services has been appointed Acting Group CEO while the search for a substantive CEO commences immediately.

 

Update

At the close of trading today, the share price of UACN moved up by a tick size of 5.26% to close at N10 from the previous price of N9.50k. YTD, the share price has dropped by 40.83% and has also lost 41.52% in one (1) year.

 

Visit UAC of Nigeria Plc IR Page on Proshare MARKETS

 

Proshare Nigeria Pvt. Ltd.


Graph 1: UAC of Nigeria Plc Graph As At 6th Dec, 2018

Proshare Nigeria Pvt. Ltd.

 

Table 1: UAC of Nigeria Plc Q3 2018 Results

Proshare Nigeria Pvt. Ltd.

 

Proshare Nigeria Pvt. Ltd.


Related News

1.         UAC Appoints Mr Bolaji Adekunle Odunsi as a Non-Executive Director

2.        UACN Declares N4.64 bn loss in Q3''18 Results,(SP:N9:50k)

3.        UPDC Plc Announces Board Meeting and Closed Period

4.        UPDCREIT declares N1.32 billion PAT in Q3''17 Results,(SP:N10.00k)

5.        UPDC Plc Announces Closed Period for 2017 Half Year Results

6.        UPDC Appoints Mrs. Folake Temitope Kalaro as Company Secretary

7.        UPDC Plc Announces Closed Period for 2017 First Quarter Results

8.        UACN appoints new successor as Ettah unveils retirement plan – The Guardian -Jul 27, 2017 


Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP