United Breweries names Shekhar Ramamurthy as managing director
1 min read . Updated: 23 Jul 2015, 08:03 PM IST
PremiumRamamurthy has been with United Breweries for close to three decades, working across verticals
Bengaluru: United Breweries Ltd on Thursday named Shekhar Ramamurthy as its managing director, replacing Kalyan Ganguly, a company veteran who retires on 31 July.
Ramamurthy, who spent three years as the company’s chief operating officer, has been with United Breweries for close to three decades, working across verticals. He was initially with United Spirits.
Ganguly, a close associate of Vijay Mallya, served the company for nearly two decades as the chief executive officer and managing director of the company. After leaving UB, he will pursue other interests, the maker of Kingfisher beer said in a BSE filing.
The announcement comes days after Dutch beer maker Heineken International agreed to buy out shares of United Spirits amounting to 3.2% in United Breweries Ltd Group for ₹ 870 crore earlier this month. The move raised Heineken’s stake to 42.06%.
The company also announced its first quarter earning on Thursday.
For the quarter ended 30 June, the company said net profit fell 4.68% to ₹ 122.8 crore from ₹ 128.8 crore in the year-ago period. Net sales for the beer maker rose 4.61% at ₹ 1,337.88 crore during the April-June quarter from ₹ 1,278.85 crore of the same period a year ago.
Shares of United Breweries fell 0.83% to ₹ 999.75 on BSE on Thursday, while the exchange’s benchmark Sensex shed 0.47% to 28,370.84 points.
