Tate & Lyle sweetens board with veteran Safestore exec as new chair
Tate & Lyle, one of the world’s biggest producers of sweeteners, has poached a top-level executive at the self-storage giant Safestore to be its new director and board chair.
David Hearn, a highly experienced Chair of both Safestore and the Aussie dairy group A2 Milk Company, will take the helm at the turn of the year, following a three-month search.
Hearn has held numerous roles across the food and beverage industry, in a career spanning 40 years. Big names he has held senior roles with include Del Monte, PepsiCo and United Biscuits. He also served as chief executive of the Australian food business Goodman Fielder from 1995 to 2001.
Hearn will succeed Dr Gerry Murphy a board chair, who left the firm to take the equivalent role at Tesco back in July.
David Hearn said: “I am delighted to take on the role of Chair of Tate & Lyle at what is an exciting time for the business. Tate & Lyle is a business with a deep sense of purpose, in a strong financial position, which puts its customers at the heart of everything it does.”
It comes amid a number of switch-ups at Tate & Lyle, with senior independent director Paul Forman also departing the firm in the new year, to be replaced by industry veteran Kim Nelson.
The food ingredients firm, the ingredient supplier to the global sugar substitute brand Splenda, has performed strongly over the last two years, benefitting from mammoth price hikes.
Nick Hampton, Tate & Lyle Chief Executive, said: “We look forward to welcoming David to Tate & Lyle and to working with him to deliver on our strategy to create solutions that meet growing consumer demand for healthier, tastier and more sustainable food and drink.”
Despite a sweetened dividend earlier in the year, form has tapered off slightly and shares are down 11.16 per cent amid significant cost inflation.