Treatt PLC (LSE:TET), the natural extracts and ingredients manufacturer, confirmed its decade-long serving chief executive officer Daemmon Reeve will be retiring from his role at the end of the year.
Having worked at the company for 32 years and as boss for 11 years, Reeve will be succeeded by current chief financial officer Ryan Govender until the London-listed group can find a permanent replacement.
Having worked as finance director at Primark-owner AB Foods for around 12 years, Govender joined Treatt in 2022 and has played a key role in helping management formulate a strategy for the business.
Vijay Thakrar, chairman of Treatt, commented: "Daemmon has had a long and distinguished career at Treatt, overseeing a significant change in the company's fortunes under his leadership.
“We are very pleased to have someone of Ryan's calibre to assume the role of interim CEO whilst we undertake a thorough search for Daemmon's replacement."
During Reeve's tenure, Treatt’s share price soared by as much as 1,500%, when the stock peaked during the middle of the pandemic.
However, post-Covid things haven’t been as easy for the flavourings group and shares have retreated by around 66% since the mid-2021 peak.
"Treatt has been my life for the past 32 years and it has been a privilege to work with such a fantastic group of people in our great business. The time is now right for me to step aside for someone else to lead the next phase of the company's growth,” Reeve added in a company statement.
Shares in the group remained flat on Friday, having opened at close to 440p.