PZ Cussons PLC (LON:PZC) said full-year like-for-like revenue and adjusted profit before tax is likely to be “modestly below” last year due to “challenging” market conditions.
The shower gel maker took this moment to announce that chief executive Alex Kanellis will retire on 31 January after 13 years in his post and 26 years at the company.
READ: PZ Cussons sells off shower gel brand and olive oil business as it targets return to growth
A successor will be nominated in the first half, with chair Caroline Silver taking an executive role and Alan Bergin, currently group financial officer, stepping in as interim CEO.
“The group is now ready to move onto the next chapter under new leadership and we are confident that the opportunities to return to profitable growth are significant,” said Silver in a release.
The FTSE 250-listed company continues restructuring its portfolio and has agreed the sale of Greek and Polish businesses, helping with debt reduction.
Market share grew in the UK, the US and Indonesia in the six months to end-November while revenue declined in Africa.
Shares dipped 2% to 189.56p at the opening bell.