Business
Berger Paints appoints Union Bank’s Celestine Aruoture amid revenue loss to COP
Berger Paints has appointed Celestine Aruoture from Union Bank as its Chief Operating Officer amid intense competition from Chemical And Allied Products (CAP) and Meyer Plc.
Prior to his appointment on Monday, Aruoture was the Head, Facilities Management, at Union Bank, where he had previously served as Regional Facilities Manager.
Also, Aruoture had served as General Services Manager, and subsequently, Area General Services Manager, at First Bank of Nigeria (FBN) Limited.
What you need to know
Aruoture’s appointment comes at a time Berger Paints is losing a significant part of its revenue to cost of operation (CoP), as the former grew by 29.8% to N4.52 billion between January and September 2022, against the N3.48 billion recorded same period in 2021.
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Ripples Nigeria gathered that expenses increased by 40.9%, gulping N3.13 billion within the first nine months of this year, surpassing the N2.22 billion spent to produce its products in nine months of last year.
The rise in the cost of production recorded by Berger Paints is the second highest when compared to its rivals, CAP (19.9%) and Meyer (42.6%).
Berger Paints turnover growth was also the lowest among the industry’s Big Three, recording 29.86% rise in revenue, below the 42.67% and 42.01% Meyer and CAP recorded in turnover respectively.
In a statement announcing Aruoture as its chief operating officer, Berger Paints said the appointment was part of a move to position the business for increased efficiency.
The paint manufacturer said Aruoture brings experience in Strategy Development, Budgeting, Financial Analysis, and Building Operation & Maintenance.
Also, it was learnt that Aruoture is an expert in Business Continuity Management & Operational Efficiency, as well as Project Management, and Stakeholder Management.
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