LONDON, June 24 British sweeteners maker Tate &
Lyle on Tuesday said its chief financial officer (CFO),
Tim Lodge, would be replaced in August by PepsiCo
executive Nick Hampton.
Tate & Lyle's shares are down nearly 16 percent this year
after warning that cheap competition from China was denting its
sucralose pricing, while a long and harsh U.S. winter hurt
demand for soft drinks.
Lodge, who has been CFO since 2008, will serve in his
current role until Aug. 31 and will then leave after a short
Hampton, who has been at PepsiCo for more than 20 years, was
most recently the soda and snack company's president of West
Europe. That experience was seen as highly relevant, since
PepsiCo is a major Tate & Lyle customer.
"We would expect Hampton to bring best-in-class commercial
and financial perspectives, honed in a major multinational, plus
some highly relevant customer insight," said Jefferies analyst
Martin Deboo in a research note, who said the transition seemed
natural, given that Lodge had been in the role six years and had
spent his whole career at Tate & Lyle.
(Reporting by Martinne Geller; Editing by Mark Potter)