Vivo Energy chief executive (CEO) Christian Chammas will retire from 2022 and the pan-African retailer and marketer of Shell and Engen-branded fuels and lubricants yesterday announced Stanislas Mittelman as CEO designate.
The company, which distributes and markets fuel and lubes in 23 African countries, said yesteday that Chammas’ achievements included being instrumental in transforming and growing the business since he joined in 2012, as well as taking the company through its Initial Public Offering and near doubling the retail network during his tenure.
Mittelman would join the company in early 2022, once he had completed his notice period with his current employer and had secured a work permit. He was expected to become CEO in March 2022.
Mittelman has more than 30 years of downstream energy experience and has spent a substantial part of his career operating on the African continent. Since 2016, he has been SVP Africa, Total Energies Marketing & Services, where he led the fuel retailing and marketing business across 40 countries in Africa.
Prior to this, he held a range of senior positions at Total Energies, including CEO of Total Marketing France, and a number of Africa-focused roles, including EVP West Africa for Total Marketing Services and MD Total Zimbabwe.
Vivo Energy chairman John Daly said Chammas’s leadership, drive, focus on performance and fixation on the health and safety of employees, customers and partners had been integral to the success of Vivo Energy since its formation a decade ago.
Daly said Mittelman has a strong track record in developing businesses and driving growth, and this - with a passion and understanding of Africa - made him well suited to the role.
Mittelman said in a statement that Vivo Energy was an exciting, fast-paced and entrepreneurial business.
Chammas reported in the company’s third quarter trading update last month that the company had delivered “another strong quarter with the business maintaining its momentum”.
Volumes continued to improve, and together with strong unit margins, led to gross cash profit of $195 million (R2.9bn), ahead of both the same quarter in 2020 and ahead of the same quarter in 2019.
Performance had been driven by the retail division, with accelerated site roll-out supporting the volume recovery, despite the remaining mobility restrictions.
“Having delivered 114 net new sites so far this year, we now expect to exceed the top of our previous guidance range by more than 20 percent, by adding between 130-140 net new sites in 2021. Due to the opportunities in our markets, we are aiming to maintain this new level of site openings in 2022,” he said.
Group volumes of 2 576 million litres were 3 percent higher than in the third quarter of 2020, reflecting the business recovery from the impact of Covid-19 as mobility restrictions eased in the latter part of the quarter, partially offset by the end of a material supply contract. Excluding the contract, volumes were 6 percent higher compared to the previous year period.
Gross cash profit of $195m was 4 percent ahead of the third quarter of 2020, driven by higher volumes and unit margins.
“Fuel will continue to be integral to the development and growth of our African markets and we believe we are well placed to meet this growing demand,” the group said.
BUSINESS REPORT ONLINE