NSE-listed agricultural firm Limuru Tea has tapped a former Unilever executive as its new managing director and chairman.
In a statement, Limuru Tea said it had appointed Nicholaos Yiannakis to head the company.
“Nicholaos has over four years of professional experience in executive management and was the immediate former managing director of Unilever Tea Tanzania,” the company said.
Mr Yiannakis is said to have led a transformation of Unilever’s Tanzanian plantation operations where he “reduced costs while increasing output”. He has also held other Unilever positions in Kenya and Europe.
He will be stepping into the shoes of Duncan Stickler who is retiring from both the positions of managing director and chairman.
Mr Yiannakis faces the task of turning around a company, which in February warned shareholders of a profit drop of more than 25 per cent for the year ended December 2016 due to a rise in production costs and a change in the valuation model for its tea bushes.
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