Friday 19 October 2018

New chief executive for Tate & Lyle as Javed Ahmed steps down

The FTSE 250 company said on Tuesday that Javed Ahmed will  retire from the company on April 1, ending an eight-year stint. 

Tate and Lyle (PA)
Tate and Lyle (PA)

By Ravender Sembhy, Press Association City Editor

The boss of Tate & Lyle is to step down, with the sweetener and ingredients firm’s finance chief taking on the top job.

The FTSE 250 company said on Tuesday that Javed Ahmed will  retire from the company on April 1, ending an eight-year stint.

Nick Hampton, who joined Tate & Lyle as chief financial officer in 2014 from PepsiCo, will become the group’s new boss.

Chairman Gerry Murphy said: “I am delighted to announce Nick Hampton’s appointment as chief executive of Tate & Lyle.

“Nick has been an outstanding chief financial officer with a strong track record of driving performance, building teams and capabilities, and focusing on key customers and markets.

“We are confident he has the experience, energy and vision to lead Tate & Lyle through the next phase of its development.”

Prior to joining Tate & Lyle in 2013, Mr Hampton spent 20 years at PepsiCo, where he held a number of senior finance and operational roles.

Mr Murphy also paid tribute to Mr Ahmed’s “exceptional leadership”.

In November, Tate & Lyle raised its full-year profit guidance following a strong first half.

The company saw sales rise 6% to £1.4 billion in the six months to September 30, while pre-tax profit rose 26% to £161 million.

Tate & Lyle said its speciality food ingredients arm and new products helped boost sales.

The firm said it is also being aided by the drive among consumers to “seek innovative solutions to reduce sugar, calories and fat in food and drink”.

As a result, the group said it expects profit to come in “modestly higher” than anticipated.

Press Association

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