UK ingredients company Tate & Lyle has appointed Reckitt Benckiser executive Javed Ahmed as its new CEO.

Ahmed (pictured) will take over from Iain Ferguson, who has faced criticism over the last 18 months amid profit warnings and a falling share price at Tate & Lyle.

Last month, the company insisted moves to find a successor to Ferguson were “speculation”. However, Ahmed will take the reins on 15 November.

Ahmed is currently executive vice president, Europe at Reckitt Benckiser and has held a number of senior roles within the group over the last 17 years in Europe and North America.

Sir David Lees, chairman of Tate & Lyle, said: “Following our earlier announcement that Sir Peter Gershon will succeed me as chairman by the end of the year, Peter and I are delighted that we are able to announce the succession arrangements for Iain Ferguson.

“We are most grateful to Iain for leading the transformation of the group with such great skill and energy over the past six years. We are confident that, in Javed, we have found a worthy successor to Iain to lead Tate & Lyle in the next phase of its development.”