Flour Mills of Nigeria Plc (FMN), Nigeria’s leading integrated Food and Agro-allied group, owners of the iconic brand – ‘Golden Penny’, today announced the retirement of Paul Gbededo as its Group Managing Director/Chief Executive Officer, effective 31st December, 2020.
Following his retirement from the position of Group Managing Director / CEO, which was announced by the Company Secretary/Director of Legal Services, Joseph A.O Umolu, the Board approved the appointment of Mr. Paul Gbededo as the Non-Executive Vice Chairman of the Board of Directors of Flour Mills of Nigeria Plc.
Described as a brilliant colleague and an exceptional leader who will be dearly missed in his capacity as GMD/CEO, the Chairman of the Board, Mr. John Coumantaros added: “On behalf of the board I must express our heartfelt thanks for his extraordinary contributions in leading our great company through a period of growth, expansion and profitability.
“After 38 years of meritorious service to the Group, he is leaving the business in an executive capacity at an excellent position for further growth and we wish him the very best as he takes on a new chapter in life, which I trust will include a well-earned rest and plenty of time with his beloved family.”
Paul Gbededo’s career with the FMN Group started at the Nigerian Bag Manufacturing Company (BAGCO) as a management trainee in 1982. Since then, he had taken up several managerial positions within the group including, the first Nigerian Production Director for BAGCO in 1996, the pioneer General Manager/Director in charge of fertilizer operations, the pioneer General Manager/Director for Golden Pasta Company Limited, and Managing Director, Agro-Allied business with responsibility to implement FMN Group’s backward integration policies, programmes and initiatives.
On the 13th of March 2013, he was appointed a member of the Board of Directors and designate Group Managing Director / Chief Executive Officer, which position he assumed fully effective April 1, 2013.
Speaking on his retirement, Paul Gbededo stated: “It has truly been a great privilege and honour to have worked with some of the best minds in our country and indeed across the world. I am truly proud of our rich heritage, our winning culture and market capability that had over the years positioned us for continuous growth.
“I cannot deny that I will miss the rigorous strategy sessions with the board, the passion of the executive team, and of course the relentless inventive spirit of our people across various businesses locations in the country. Nevertheless, I must say that I am confident that it is time to hand over leadership to the next generation”.
Reacting to the change in mantle, the GMD/CEO Designate, Mr. Boye Olusanya said: “Paul, my mentor and friend, is an outstanding business leader and fine gentleman who had played well his part and did great things for our company. He has left behind some big shoes to fill and our company is, because of his strategic leadership, on a solid base to build from. I shall be counting on his advise to take our company to the next level.”
Listed on the Nigerian Stock Exchange, FMN is a fully integrated and diversified food and agro-allied group, which strives to “Feed the Nation, Everyday” through its five core food value chains: Grains, Sweeteners, Oils and Fats, Proteins, and Starches.
FMN engages in creating value along the entire food chain with its “farm-to-table” model by providing inputs and know-how to farmers, aggregating and sourcing crops and raw materials to supply its world-class processing facilities across Nigeria, and distributing its innovative food brands to its customers.