Tate & Lyle has announced the appointment of Nick Hampton as its new chief executive, effective 1 April 2018.
Hampton is currently Tate & Lyle chief financial officer and he succeeds Javed Ahmed who has served as CEO since 2009 and will step down from his role and retire from the company.
Prior to joining the business in 2014, Hampton had a 20-year career at PepsiCo, where he held a number of senior finance and operational roles. He previously worked for management consultancy firm Monitor and Walkers Snack Foods. In his new position he will receive an annual salary of £665,000.
Tate & Lyle chairman Gerry Murphy praised Hampton’s strong record of driving performance, building teams and capabilities.
“We are confident he has the experience, energy and vision to lead Tate & Lyle through the next phase of its development,” he said. “My fellow board members and I look forward to working with Nick and our top team in the exciting years ahead.
“On behalf of the board, I would like to thank Javed Ahmed for his exceptional leadership of Tate & Lyle over the last eight years. During his tenure, Tate & Lyle has been through a very significant strategic, operational and organisational transformation from a largely commodity business into the high-quality global food ingredients business it is today.
“Javed has led the company with great skill, energy and commitment, and he leaves it in a very strong position. The board and everyone at Tate & Lyle thank Javed for his outstanding service and contribution, and wish him every success and happiness in the years ahead.”
Nick Hampton said: “I am delighted and honoured to be appointed Tate & Lyle’s next chief executive. Tate & Lyle has a strong portfolio of ingredients, outstanding people, and deep technical expertise.
“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. I look forward to working with Gerry, the board, the management team, and all our employees to drive Tate & Lyle’s business forward.”
Javed Ahmed added: “It has been my great privilege to lead Tate & Lyle for the last eight years, which have involved a very significant reshaping of the business. Today, Tate & Lyle is a much stronger and higher-quality business than it was eight years ago, and with Nick leading the company along with its strong management team, it is in great hands.”
Tate & Lyle said the process to appoint a new CFO is now underway.
© FoodBev Media Ltd 2018