Press Release: Berger Paints Nigeria Plc Disengages its Norwegian Born Managing Director

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Berger Paints Nigeria Plc. (‘’the Company’’) notified The Nigerian Stock Exchange of the disengagement of Mr. Tor Nygard as the Company’s Managing Director with effect from 1 February 2015. His tenure as Managing Director ended on the 31 January 2015. The Chief Operating Officer, Mr. Jatin Madan, will oversee the affairs of the Company pending the appointment of a new Managing Director.

Berger Paints is a fairly profitable company even thought it has found it difficult to sustain robust earnings and maintain market share. The company’s last result showed earnings per share had dropped by about 46% for the 9 months ended September 2014. Berger paints closed flat at N9 and its share price has posted a one year return of 2% in the last one year.