Tate & Lyle has announced the departure of CFO Tim Lodge and appointed senior PepsiCo executive Nick Hampton as his replacement.
Tate & Lyle CEO Javed Ahmed said Lodge, who had spent 25 years at the company including six as CFO, had indicated to the board that he was ready for a new challenge and paid tribute to his contribution to the business.
“Tim has been a great support to the board, to me personally and to the executive team, and has led key aspects of the transformation of Tate & Lyle with distinction,” he said.
Hampton, who is currently president, West Europe, and senior vice president of commercial, Europe at PepsiCo, will take over from Lodge at the end of August. He has spent 20 years at PepsiCo where he has held a number of senior financial and commercial roles.
“I am delighted to welcome Nick to Tate & Lyle. He brings with him a wealth of experience in the food and beverage industry and his strong expertise and knowledge will be highly complementary to our team,” said Ahmed.
At the end of last month, Tate & Lyle reported a 3% drop in turnover to £3.147bn and a 2% drop in adjusted operating profit to £329m. The ingredients group was affected by the cold winter and spring in the US and falling sucralose prices.
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