Heineken has more to do to deliver growth, new CEO says

Heineken CEO Rafael Oliveira Sets Focus on Growth and Accountability After Strong Q3

Heineken's Leadership Transition and Q3 Performance

By Emma Rumney

Leadership Change at Heineken

LONDON, Oct 28 (Reuters) - Heineken's CEO Rafael Oliveira said on Wednesday the company needs more accountability across the business and a stronger performance culture to drive consistent growth, in his first statement since taking over the Dutch brewer this month. 

Oliveira succeeded Dolf van den Brink who unexpectedly resigned in January just months after presenting a refreshed strategy and targets for the world's second-largest brewer, leaving a question mark over its plans. 

Q3 Financial Results

The maker of Tiger and Sol alongside its namesake lager reported on Wednesday a rise of more than 4% in both revenues and volumes in the third quarter of the year, well ahead of analyst forecasts.

Challenges and Opportunities

But Oliveira said the company was not always securing growth or winning customers when it should. 

"There is more to do to sharpen execution, increase pace, and build a stronger performance culture, with greater accountability across the business," he said in a statement, adding that his first impressions had been positive overall. 

Future Outlook

Oliveira said he would say more about his direction for Heineken at its full-year results in February. 

Market Expectations and Strategic Priorities

Analysts had expected the brewer to report 2.9% growth in total volumes and 3.5% growth in revenues on an organic basis. 

The company attributed its strong growth to its key global brands and other strategic priorities, such as low and no alcohol brews or more expensive labels. 

(Reporting by Emma Rumney; Editing by Tom Hogue and Clarence Fernandez)