New Tate & Lyle chief executive Javed Ahmed is to make “a number of important changes” to the group's organisation.
The announcement comes as the group posted a 1% drop in sales to £3.5bn for the year ended 31 March 2010, and a 7% drop in pre-tax profits to £229m.
“We are refocusing our strategy, with our speciality food ingredients business being the key focus of investment and long-term growth, as well as making a number of important changes to the group’s organisation,” said Ahmed. “Through these changes, and a strong focus on operational excellence and execution, we will build the platform to deliver sustainable long-term growth.”
Ahmed, who took over as CEO last year, has used the latest announcement to put further distance between himself and the old regime, according to Shore Capital analyst Clive Black.
“We see the corrective action, new priorities and future direction as a considerable criticism – to put it mildly – of prior strategy,” said Black.
Read more
Tate & Lyle adds Hurt as non-exec (10 March 2010)
Sales below par at Tate & Lyle (28 January 2010)
Profits slashed at Tate & Lyle (6 November 2009)
The announcement comes as the group posted a 1% drop in sales to £3.5bn for the year ended 31 March 2010, and a 7% drop in pre-tax profits to £229m.
“We are refocusing our strategy, with our speciality food ingredients business being the key focus of investment and long-term growth, as well as making a number of important changes to the group’s organisation,” said Ahmed. “Through these changes, and a strong focus on operational excellence and execution, we will build the platform to deliver sustainable long-term growth.”
Ahmed, who took over as CEO last year, has used the latest announcement to put further distance between himself and the old regime, according to Shore Capital analyst Clive Black.
“We see the corrective action, new priorities and future direction as a considerable criticism – to put it mildly – of prior strategy,” said Black.
Read more
Tate & Lyle adds Hurt as non-exec (10 March 2010)
Sales below par at Tate & Lyle (28 January 2010)
Profits slashed at Tate & Lyle (6 November 2009)
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