Vodafone Names Heineken CEO as New Chairman

(Bloomberg) -- Vodafone Group Plc named Heineken NV Chief Executive Officer Jean-Francois Van Boxmeer as its new chairman after more than a year of searching.

Van Boxmeer’s departure from Heineken was announced several months ago. He will leave the world’s second-biggest brewer in June and take over at the international wireless carrier on Nov. 3 from Gerard Kleisterlee, the former Philips Electronics NV boss who has spent nine years in the role and will now leave the board.

Heineken’s shares have risen three-fold during Van Boxmeer’s 15-year tenure as CEO of the drinks maker, driven by more than 30 billion euros ($32.7 billion) of acquisitions. He’s worked his way up after starting as a trainee at the company in 1984, heading up divisions around the world including the Democratic Republic of Congo, Poland and Italy.

Van Boxmeer is “highly-regarded as one of the longest standing and most successful CEOs in Europe,” said Vodafone CEO Nick Read in a statement Friday.

U.K. corporate governance guidelines say companies can keep their chairman for a maximum of nine years, and Kleisterlee has reached the limit. On his watch, Vodafone closed one of the biggest deals in history when it sold a 45% interest in Verizon Wireless for $130 billion.

The company’s fortunes have ebbed in recent years. Intense competition in Spain and Italy and heavy costs forced Read to cut the company’s dividend last year, and Vodafone’s shares hit a 23-year low last month.

He’s focusing the company around its Europe and Africa operations and is looking to sell part of its newly carved-out mobile mast business next year.

©2020 Bloomberg L.P.