Tate & Lyle PLC (LON:TATE) has appointed its chief financial officer as its new boss to succeed Javed Ahmed.
Nick Hampton, a former PepsiCo executive, will take over as chief executive when Ahmed steps down in April after more than eight years in the role.
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Hampton has been CFO since September 2014 and previously served at PepsiCo as president of West Europe and senior vice president of commercial Europe.
“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,” said chairman Gerry Murphy.
“We are confident he has the experience, energy and vision to lead Tate & Lyle through the next phase of its development.”
Tate & Lyle spun off its sugar division in 2010 and has since shifted its focus to producing other ingredients, including sweeteners, starches and fibres. The move was in response to growing demand for sugar-free alternatives in recent years on the back of an increased awareness about health.
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Murphy said Ahmed has led the company through a “significant strategic, operational and organisational transformation from a largely commodity business into the high-quality global food ingredients business it is today”.
Hampton said he looks forward to working with management to drive the business forward as more consumers adopt healthier lifestyles.
“As global demand for healthier and tastier food continues to grow, this business has the opportunity to deliver meaningful benefits for our customers, employees, shareholders, and society at large, in the years ahead," Hampton said.
Shares in Tate & Lyle were flat in morning trading at 689p.