Cargills hires Nestle’s former Lankan MD Young to head Kotmale

Thursday, 6 January 2011 00:34 - - {{hitsCtrl.values.hits}}

Fast growing blue chip Cargills (Ceylon) Plc has hired world giant Nestle’s former Managing Director in Sri Lanka Stuart Young to head the operations of Kotmale Holdings which it acquired recently.

Young has been appointed as the Chairman of the newly reconstituted Board of Kotmale Holdings in which Cargills now own over 82%.

The new owners are confident that under the leadership of Stuart Young, Kotmale would enhance industry benchmarks and develop into a lead player.

Young hails from a multinational environment with over three decades of experience in Sales, Marketing and Management. He most recently held the position of Managing Director and Chief Executive Officer at a top food and beverages MNC Company operating in Sri Lanka.

Commenting on the future of Kotmale Holdings, Cargills’ Deputy Chairman Ranjit Page said: “Kotmale is a strong brand which is synonymous with the dairy industry and this competitive advantage would be maximised to drive its growth. The move consolidates Cargills’ interest in the dairy industry enabling the Group to enhance its dairy product range which is currently spearheaded by Cargills Magic, Sri Lanka’s No. 1 dairy ice cream. This would also provide the Group the opportunity to expand its dairy outgrower base and thereby further empower the local dairy industry. Kotmale at present collects over 12 million litres of fresh milk per annum.

“The Holding Company’s strong history in the Fast Moving Consumer Goods sector and its natural synergies through its modern trade distribution as well as linkages with institutional customers provides a strong platform for Kotmale to develop into a lead player in the category,” Page added.

The newly reconstituted Board of Kotmale Holdings comprises Stuart Young (Chairman), V.R. Page (Deputy Chairman), Jude Fernando (who continues as Director/ CEO) M.I. Abdul Wahid, P.S. Mathavan, A.T.P. Edirisinghe and Sunil Mendis.

The appointment follows the resignation of former directors of KHP Manjula Mathews, R. Shaffter, D. Shaffter, N. E. Rodrigo, and A. D. E. I. Perera.