UBL said its board has commenced a search for a new managing director & CEO for the company.

Jacco van der Linden, President – Asia Pacific, HEINEKEN, and a member of the UBL board said: "With Rishi's leadership, UBL has successfully navigated through COVID challenges and has made significant steps in integrating UBL into the HEINEKEN Group while keeping a focus on the business. We are thankful for the leadership, and experience Rishi has brought to the company."

"During Rishi's tenure, UBL has deepened the company's bench of talented executives with a good mix of externally recruited and HEINEKEN talented and experienced leaders. The executive team will continue to drive the business forward," van der Linden concluded.

UBL, controlled by Dutch multinational company Heineken NV, is primarily engaged in the manufacture, purchase, and sale of beer and non-alcoholic beverages.

UBL reported a consolidated net loss of Rs 1.97 crore in Q3 FY23 from a net profit of Rs 90.79 crore in Q3 FY22. Net sales rose marginally to Rs 1,613.02 crore in Q3 FY23 as against Rs 1,582.79 crore recorded in the same period a year ago.

UBL rose 0.83% to Rs 1475.20 on Friday, 17 February 2023.