Carlsberg's Eastern European head steps down

By Ben Bouckley

- Last updated on GMT

Related tags Russia

Carlsberg's Eastern European head steps down
Carlsberg's Eastern European chief has stepped down from the company only weeks before the release of third quarter (Q3) results that are expected to highlight the significant challenges it faces in Russia.

Anton Artemiev was CEO of Baltika Breweries (Carlsberg's business in country) but will now be replaced by Isaac Sheps, who is in charge of Carslberg's operation in the UK, from December 1.

The Financial Times ​reported that rising taxes implemented by The Kremlin - to deter alcoholism - and tough competition meant that Russia was a tough market, even for multinational brewers such as Carlsberg.

The Danish company derives around 40 per cent of its overall profits from the country, but the paper reported that intense sector competition was eroding profitability within Russia.

Commenting on the command change, Jørgen Buhl Rasmussen, CEO of Carlsberg Group, said: "Anton Artemiev and his management team have developed Baltika into a clear market leader within the industry and, despite challenging market conditions, Baltika is in a good position to profit from the exciting growth opportunities that Russia has to offer."

Related topics Markets Carlsberg

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