Eveready East Africa Managing Director, CEO Retires

Eveready East Africa Ltd.’s Chief Executive Officer and Managing Director Steven Smith will retire at the end of May after 13 years as head of the Kenyan dry-cell battery maker.

A short-list of candidates has been drawn up and a replacement will probably be known within the next month, Smith said by phone from Nairobi, the capital.

The stock shed 5 cents, or 1.9 percent, to 2.6 shilling by 2 p.m. in Nairobi.

“Smith has been instrumental in the growth of the company but new leadership may come with some innovations and bring in new products,” Mbuthia Irungu, a trader with Nairobi-based Genghis Capital Ltd., said by phone.

The company on Dec. 7 reported net income fell 69 percent to 8.7 million shillings ($107,780) in the year through September.

To contact the reporter on this story: Sarah McGregor in Nairobi at smcgregor5@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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