Vitafoam Plc's Chairman Retires

Dr Bamidele Makanjuola has announced his retirement as the Chairman of the Vitafoam Nigeria Plc after ten years of meritorious service, in line with the company’s tenure policy.

Makanjuola disclosed this while addressing the company’s shareholders at its 61st Annual General Meeting (AGM) in Lagos on Thursday.

He commended the company’s board, management and shareholders for their support throughout his tenure.

He said that the company shall continue to post strong earnings and generate shareholder value, given its team of innovative management and staff, irrespective of vagaries in the operating environment.

“I would like to inform you that this is the last AGM at which I shall address you as the Chairman of Vitafoam Nigeria Plc., having served out a full term, in line with the company’s tenure policy for non-executive directors.

“Together we have moved boundaries and broken glass ceilings and while some of our plans might not have turned out exactly as envisioned, we have persevered with your support to move the company to the next level in our collective quest for greatness.

“With renewed confidence, efforts will be intensified to grow our business lines by expanding Vitafoam’s product offerings,” Makanjuola said.

President, Noble Shareholders Solidarity Association, Mathew Akinlade, commended the outgoing chairman, saying he showed exemplary leadership, characterised by integrity and dedication.

He said that during his tenure, the company recorded exponential progression in virtually all performance indicators.

“A peep into just the last five-year performance alone is quite revealing that Vitafoam under Makanjuola grew tremendously.

“For instance, the revenue grew from N19.5 billion in 2018 to N46.3 billion in 2022, an increase of 137 per cent.

“The man deserves to be celebrated,” he said.