Cadbury Nigeria Plc just issued a press release announcing that its current CEO, Mr Emil Mosikofian will be “resigning” effective December 31, 2014. He will be replaced by Roy Naaman effective January 1 2015. I cannot confirm if this resignation has got anything to do with its recent drop in earnings following an impressive 2013. Cadbury results has been poor this year, reporting a 29% drop in Earnings per share for the 9 Months ended September 2014. Here is the press release;
CADBURY NIGERIA PLC 1 December, 2014
Board Changes at Cadbury Nigeria Plc
Cadbury Nigeria Plc has notified The Nigerian Stock Exchange of the resignation of the following directors from the board of the company:
1. Mr. Emil Mosikofian, CEO/Managing Director (effective 31st December 2014)
2. Mr. Ruslan Kinebas, non-executive Director (effective 31st December 2014)
The Company also announced the appointments of:
1. Roy Naaman as CEO/Managing Director (effective 1st January 2015)
2. Mr. Romeo Lacerda, as Non-Executive Director (effective 1st January 2015)
The appointments were duly noted at the meeting of the company’s board of directors held on 28 November 2014.
Cadbury shares was up 5% to N45.6 at the time this article was written.