Malaysia: Carlsberg Brewery Malaysia Bhd managing director resigns after just four months in the position

Carlsberg Brewery Malaysia Bhd managing director (MD) Theodoros (Ted) Akiskalos has resigned from the company after just four months in the position, citing family reasons, The Edge Markets MY reported on August 26.

In May, 40-year-old Akiskalos had replaced Lars Lehmann, who was appointed as executive vice president for Eastern Europe of Carlsberg A/S.

In a bourse filing on August 26, Carlsberg Malaysia said Akiskalos will leave his post and the Carlsberg Group on Oct 25, and will relocate to Europe.

"The search for Ted's successor is underway and will be announced in due course," it added.

Akiskalos currently oversees Carlsberg's operations in Malaysia and Singapore, as well as its investment in Sri Lanka.

In a separate statement, Carlsberg Malaysia said Akiskalos will be pursuing a career opportunity outside the Carlsberg Group and will join a private equity investment firm based in London.

During the transition period, it added that Akiskalos will continue to manage the business affairs of the company to ensure its SAIL'22 strategic initiatives are executed effectively.

Prior to his current role, Akiskalos was the MD of Carlsberg Sweden for three years since June 2016, MD of Carlsberg Hong Kong for two years since January 2014 and vice president of group strategy of the Carlsberg Group for four years since March 2010. Prior to joining the Carlsberg Group in Copenhagen, he was an associate principal of McKinsey & Co based in Boston, the US.

On Aug 15, Carlsberg Malaysia announced a 2.1% year-on-year (y-o-y) increase in second-quarter net profit to RM65.26 million, which it attributed to effective execution of consumer promotions.

Revenue for the quarter ended June 30, 2019 (2QFY19) climbed 15.7% y-o-y to RM480.52 million.

The stronger quarterly earnings helped lift its net profit for the first six months of FY19 (1HFY19) by 5.6% y-o-y to RM152.86 million, while revenue grew 18.3% y-o-y to RM1.14 billion.

Carlsberg Malaysia shares closed 3.77% or 94 sen higher at RM25.86 on August 26, valuing the brewer at RM7.91 billion, with 229,900 shares traded.

27 August, 2019