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Equity Market News 19th May 2012

Equity Org Headlines:

Essar Energy adds 3 percent in mostly lower London energy sector

Antofagasta leads miners higher in London

Hunting plc leads energy sector lower

Sports Direct International leads London retailers higher

Pace plc drops 40 percent on profits warning

Royal Bank of Scotland leads London banks lower

Royal Bank of Scotland leads banks, FTSE 100 higher in London

Lloyds Banking Group drops 8 percent on first-quarter loss

Lloyds shares down on PPI claims

Aquarius Platinum adds 7 percent amid mostly lower mining sector

12/04/05

Permalink 04:52:04 pm, Categories: Europe Eurofirst, 175 words  

Heineken offsets changes against dollar losses

On October 1 Jean Francois van Boxmeer, a Belgian, will become the first non-Dutchman to head Heineken, the fourth-largest brewer in the world.

He will replace Anthony Ruys, who has been chairman and chief executive of the company since 2002.

Ruys’ departure comes 18 months before his expected retirement date and is part of a complete management overhaul of the company, which has been suffering from reduced profits that are mostly the result of the falling dollar.

The changes reflect an effort by the supervisory board and senior executives to improve Heineken’s ability to respond swiftly to moves by its competitors.

This is a special concern in the wake of several recent mergers by the company’s competitors.

Besides the installation of van Boxmeer, who has been with Heineken for over 20 years, other changes will include replacement of its 36-member senior management group with a 13-member executive committee, and a reduction of the executive board from five positions to three.

The company’s single-market approach will also be replaced with the institution of a geographically-based operating system.

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