Carlsberg Malaysia's MD Theodoros Akiskalos steps down

Carlsberg Brewery Malaysia's managing director Theodoros Akiskalos (pictured) has resigned from his position to relocate to Europe for family reasons. According to a Bursa filing, he will step down from his role on 25 October 2019 and will support the transition.

Akiskalos will pursue a career opportunity outside the Carlsberg Group and will join a private equity investment firm based in London, the filing added. Carlsberg said it is in the process of finalising his successor and the announcement will be made in due course.

"During the transition period, Akiskalos will continue to manage the business affairs of the company to ensure our SAIL’22 strategic initiatives are executed effectively," the company added.

Akiskalos took on the role in April this year, replacing Lars Lehmann was promoted to the executive committee of Carlsberg Group as executive vice president of Eastern Europe and also as CEO of Baltika, Carlsberg Group’s company in Russia. Prior to his current role, Akiskalos was the managing director of Carlsberg Sweden for three years since June 2016; managing director of Carlsberg Hong Kong for two years since January 2014; and vice president, group strategy of the Carlsberg Group for four years since March 2010.

Before joining the group in Copenhagen, he was an associate principal of McKinsey & Company based in Boston. Chairman of the company Datuk William Toh conveyed his sincere thanks to Akiskalos for his contributions in Malaysia and Singapore.

"We wish Ted and his family all the very best of luck and success in their future endeavours," he added.

The company posted solid growth in both revenue by 18.3% to RM1.14 billion and net profit by 5.6% to RM152.9 million for the first half of the year ended 30 June 2019 (H1 2019).

Revenue of the Malaysia operations for the period grew by 23.0% to RM842.2 million and profit from operations increased by 7.2% to RM149.6 million versus the same period last year, the financial statement said. Reported revenue for Q2 2019 improved by 22.1% to RM340.4 million, while profit from operations up 3.0% to RM58.7 million against the same quarter last year.