UK: Under-fire Tate & Lyle shakes up exec team
Embattled UK food and ingredients group Tate & Lyle has reshuffled its management pack.
The company, which ten days ago saw the value of its shares tumble by a third after a profits warning, has promoted D. Lynn Grider to its group management committee.
Grider, who was president of Tate & Lyle's food and industrial ingredients division, has been named as president, Americas.
Meanwhile, executive director Stanley Musesengwa has been handed the role of chief executive, international. Musesengwa will be responsible for all of Tate & Lyle's operations outside the Americas.
Grider and Musesengwa will report directly to chief executive Iain Ferguson.
Tate & Lyle blamed a "particularly difficult" August for the profit warning. The company said its sugars division is now expected to see a "small loss" for the six months to 30 September against a profit of GBP15m (US$21.1m) in the comparable period last year.
Furthermore, Tate & Lyle said the first half of the year had been flat for its Splenda sucralose and its US and European ingredients businesses. The company added that the weakness of the US dollar is expected to reduce pre-tax profits for the first half by GBP12m.
Companies: Tate & Lyle plc
Tate & Lyle said today (2 April) that trading has continued in line with expectations but warned the weak US dollar would hit full-year profits....
Fairtrade is a growing movement and product category in more and more markets around the world but the phenomenon is a tricky one to categorise. With a little help from the Fairtrade Foundation, here ...
Tate & Lyle has announced it is to move its entire retail cane sugar range to Fairtrade, marking one of the largest switches to the ethical labelling system by a UK food or drink brand....
Hedge fund Harbinger has upped its holding in Tate & Lyle to just under 14.3%, up from 13% previously....
- General Mills sales woes continue - analysis
- Why personalisation will take-off in US food
- Comment: Meal kits in US - don't believe the hype
- US food next wave on display at Winter Fancy Food
- Column: Kraft Heinz, Unilever and sustainability
- Unilever 'lining up spreads sale'
- UK own-label firm Park Cakes sold in MBO
- Immigration crackdown "risk" for US dairy industry
- BRF plant suspended amid bribery allegations
- Fonterra cuts earnings forecast