Embattled UK food and ingredients group Tate & Lyle has reshuffled its management pack.
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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.
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By GlobalDataTate & 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.
