Angostura searching for new CEO

Angostura Holdings Ltd Has announced that CEO Laurent Schun's contractual term has come to an end, effective January 17. The company made the statement in a notice on January 24.

So the premier alcoholic beverage producers have begun the recruitment process for a new CEO.

“In the interim, the arrangements for the day-to-day management of the operations of the company as outlined in the notice to shareholders published on August 23, 2024 will continue,” Angostura said.

In August, Angostura announced that Schun had been given the approval of the board of directors to operate from Miami, Florida.

Local business operations were managed by chief operating officer Ian Forbes, business efficiency and shared services executive manager Rahim Mohammed and group general counsel/corporate secretary Kathryna Baptiste Asee.

In its financial statements shared in November, Angostura announced it had earned $94.3 million in profit after tax for the year ending September 2024. It was a decline from the year before, when it reported $104.4 million in profits.

The company garnered $679.9 million in revenue last year, as compared to $720.1 million the year before.

It reported a profit before tax of $126.5 million, as compared to $149.1 million the year before.

Chairman Terrence Bharath said in his report that the standard rums segment saw a decline during the first nine months of last year, resulting in an eight per cent decline in the local market, as compared to the same period in 2023.