By Emma Rumney
LONDON, Oct 28 (Reuters) – Heineken needs greater accountability and a stronger performance culture to deliver consistent growth, CEO Rafael Oliveira said on Wednesday in his first statement since taking charge at the Dutch beer company this month.
Oliveira succeeded Dolf van den Brink, who unexpectedly stepped down in January, only months after unveiling a refreshed strategy and targets for the world’s second-largest brewer, leaving a question mark over its plans.
The maker of Heineken, Tiger and Sol reported more than 4% growth in both revenue and volumes in the third quarter, comfortably ahead of analysts’ forecasts, driven by strong demand in Asia.
But Oliveira, who faces pressure from investors to accelerate sales growth, improve efficiency and boost returns, said the company was not always capturing growth opportunities or winning customers when it should.
“There is more to do to sharpen execution, increase pace, and build a stronger performance culture, with greater accountability across the business,” he said in a statement, adding that his first impressions had been positive overall.
Oliveira said he would outline his plans for Heineken in more detail when the company reports full-year results in February.
Analysts had expected organic volume growth of 2.9% and revenue growth of 3.5%.
The brewer outperformed expectations largely because of a strong showing in Asia Pacific, where volumes rose 17.3%, led by growth in Vietnam and India.
Heineken also said growth was supported by its flagship global brands and strategic priorities, including low- and no-alcohol beers and premium products.
The company’s shares rose 2% in early trade.
(Reporting by Emma Rumney. Editing by Clarence Fernandez and Mark Potter)
