Appointment of Chief Financial Officer
London, 25 April 2024: Vivo Energy, the leading pan-African distributor of high-quality Shell and Engen-branded fuels and lubricants, is pleased to announce the appointment of Nimit Shah as Chief Financial Officer.
Nimit will take up his position and be appointed to the Vivo Energy Ltd Board at the end of May 2024.
As part of an orderly succession process, Jay Gleacher, Interim CFO, will work with Nimit for an initial transition period, before returning to his role as an Investment Director at Vitol.
Nimit joins Vivo Energy from Africa-focused private equity firm, Helios Investment Partners, where he was a senior Partner in the investment team and Head of Capital Markets for the last 15 years. Nimit knows Vivo Energy very well, having played a leading role in the original deal when Vitol and Helios Investment Partners acquired Shell's downstream Africa business to create Vivo Energy in 2011. He remained involved in Vivo Energy until Helios divested its shareholding two years ago.
At Helios, Nimit led several other deals in more than 30 African markets, worth over $2bn. These include GBFoods Africa, Interswitch, Wananchi, Continental Outdoor, and OVH Energy. Prior to joining Helios Investment Partners in 2008, Nimit was a Director at Lehman Brothers. He started his career as a strategy consultant at Arthur D Little.
Commenting on the appointment, Stan Mittelman, CEO of Vivo Energy, said: "I would like to take this opportunity to thank Jay for his leadership, enthusiasm and vision since taking on the Interim CFO role at the start of last year. I am pleased that following his handover with Nimit, Jay will continue to be one of Vivo Energy's Board Directors, Chairman of SVL, and will remain heavily involved in our business. The Board and I are delighted to welcome Nimit to Vivo Energy. His record of financial leadership, understanding of Africa - and Vivo Energy in particular - and his commercial acumen mean that he is ideally suited to the role. I look forward to working with Nimit to continue to capitalise on the exciting growth opportunities for Vivo Energy."
ENDS
Notes to editors:
Media contacts:
Rob Foyle, Head of Communications
About Vivo Energy:
Vivo Energy operates and markets its products in countries across North, West, East and Southern Africa. The Group has a network of over 2,700 service stations in 24 markets operating under the Shell and Engen brands and exports lubricants to a number of other African countries. Its retail offering includes fuels, lubricants, card services, shops, restaurants and other non-fuel services. It provides fuels, lubricants, liquefied petroleum gas (LPG), and solar energy solutions to business customers across a range of sectors including marine, mining, construction, power, transport, wholesalers and manufacturing. The company employs around 2,800 people, has access to over 1,000,000 cubic metres of fuel storage capacity and has a joint venture, Shell and Vivo Lubricants B.V., that sources, blends, packages and supplies Shell-branded lubricants.
For more information about Vivo Energy, please visit www.vivoenergy.com
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
