Archer hands over reigns at CBL
Leroy Archer will step down from the position of president and chief executive officer of Commonwealth Brewery Limited (CBL) effective Dec. 31, according to an announcement by the company’s board of directors yesterday.
Archer leaves to “pursue other business opportunities”, according to the CBL statement. He will pass the day-to-day management of the company on to Nico Pinotsis, who will assume the duties of managing director effective Jan. 1st, 2012.
CBL will still benefit from Archer’s 22 years of association with the Heineken Group – the 75 percent owners of CBL through Heineken International BV – as he will continue on as a special advisor and will be a director of the company.
In the CBL statement, Archer moved to assure stakeholders that the company’s future was sound.
“I would like to encourage all internal and external stakeholders to continue to support the ‘Brands You Love’, the new management team as well as the CBL family, as we continue to deliver top quality goods and profits in the coming years,” Archer said.
“I wish to re-assure all stakeholders and shareholders that the strategic vision is secure and the company is in good hands.”
Pinotsis comes to CBL after six years as the managing director of Consolidated Breweries, Nigeria. A Dutch citizen, he joined the Heineken Group in 1985 as a management trainee. Among his other responsibilities, Pinotsis served as managing director of Amstel Brewery in Hungary between 2001 and 2003, and was the managing director of Windward and Leeward Brewery, St. Lucia between 1997 and 2000.
Archer joined CBL as financial manager in 1989. From 1997 to 2000 he held the position of regional manager, before being appointed managing director of Heineken’s Windward & Leeward Brewery in St. Lucia. He held that position until 2004, when he was appointed president and CEO of CBL.
Archer was at the helm of CBL through the company’s $62.5 initial public offering (IPO) in March and April of this year. It remains the largest IPO in Bahamian history. According to the CBL release, Archer focused on increasing top line revenues while cutting costs to maximize shareholder value and profitability.
CBL brews a number of leading beer Brands in The Bahamas, including Heineken, Guinness and Kalik.