Tate & Lyle has announced the departure of chief financial officer Tim Lodge and confirmed that he will be replaced by PepsiCo executive Nick Hampton in August.
Lodge has spent 25 years at Tate & Lyle, with the last six as CFO, and is leaving to pursue a new challenge. Tate & Lyle CEO Javed Ahmed thanked him for his contribution and welcomed Hampton to the team.
Hampton has spent 20 years at PepsiCo, holding a number of senior positions, with the most recent being the company's West European president. The expertise and knowledge that he will bring to the role is likely to be highly relevant, as PepsiCo is a major Tate & Lyle customer.
This transition comes at a key time for Tate & Lyle, as it has experienced somewhat of a slump this year. Shares are down nearly 16 per cent, and there has been a 3-per-cent drop in turnover and a 2-per-cent drop in operating profits. The company has attributed this to the harsh US winter and falling sucralose prices, spurred on by cheap competition from China.
