Investment Thesis
After being CEO for 15 years, Jean François van Boxmeer stepped down from his role this year. Serving as Chief Executive Officer from 2005, he led Heineken through a period of extraordinary growth. During his tenure, Heineken delivered a total annual return of 7.8%. This shareholder total return compares favorably against the Dow Jones Industrial, the S&P 500 and the MSCI All Country World Index total returns of 5.7%, 5.9%, and 3.1%, respectively. In his shoes stepped in Dolf van den Brink, which needs to continue a superior performance but also copes