Guinness Nigeria announced on Wednesday that CEO Peter Ndegwa will be stepping down to take up a new role within Diageo plc, Guinness Nigeria’s parent company. Baker Magunda, currently Managing Director of Meta Abo Brewery in Ethiopia will take over as the new CEO of Guinness Nigeria, following a period of transition.

Peter has been at Guinness Nigeria for nearly three years and has overseen the recent transformation at the company, including the successful Rights Issue and implementation of the productivity programme, the company said in a statement. Recent Q3 financial performance has shown the improvement that these projects are delivering.

Baker Magunda will join Guinness Nigeria from Diageo owned Meta Abo Breweries in Ethiopia. Under Baker’s tenure, Meta Abo has seen the launch of the Guinness brand in the country and a strong innovation pipeline of brands brought to market. He has nearly twenty years’ experience in the consumer goods and alcohol industry and has worked across Africa in Uganda and Kenya as well as Ethiopia and the Sudan.

Commenting on the news, Guinness Nigeria Chairman Mr. Babatunde Abayomi Savage said: “I would like to thank Peter for his transformational work over the past few years, he has led the business through challenging times and taken us forward. It is great to see him moving on within Diageo. I would also like to use this opportunity to welcome Baker to the role. I look forward to working with him.”

Peter Ndegwa added: “We have been on a significant journey in Nigeria over the past few years and I am proud of the work that has been done and where the company has got to. The business has more to do certainly and I know the team under Baker’s excellent leadership will do well. I look forward to my new challenge and will follow the progress of Guinness Nigeria with interest.”

Commenting on his forthcoming new role, Mr. Magunda noted: “I am delighted to be joining Guinness Nigeria at this time. The team has worked hard to deliver change and progress in a complicated economic environment. I look forward to continuing Peter and the team’s work when I formally join. There is a lot to go after and as Nigeria’s only total beverage alcohol player, there is a great opportunity.”