East African Breweries Ltd. (EABL), the region’s biggest brewer by sales, gained the most in more than six weeks after announcing a new chief executive officer.
The stock of EABL, as the company is known, rose 3.4 percent, the most since March 21, to 216 shillings by the close in Nairobi.
“It is a short term excitement because normally when a new person comes there is new energy and new strategy,” George Bodo, head of research at Nairobi-based Old Mutual Securities, said in a phone interview today.
Seni Adetu will step down as CEO of EABL, the Kenyan unit of Diageo Plc (DGE), the world’s biggest distiller as of July 1, the company said April 28. He will move into the same position at Diageo’s Nigerian unit, Guinness Nigeria Plc, with the managing director at that business, Devlin Hainsworth, replacing him at EABL.
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