Novozymes’ CEO to step down as company looks to rejuvenate sales

Source: By Stine Jacobsen, Reuters • Posted: Tuesday, October 15, 2019

COPENHAGEN (Reuters) – Enzymes maker Novozymes (NZYMb.CO), which has repeatedly cut its 2019 sales outlook, said on Tuesday that its chief executive Peder Holk Nielsen would step down early next year as it was time to “bring in new leadership”.

“Novozymes has been challenged in recent years and needs to deliver higher revenue growth,” it said in a statement.

The Danish firm, which among other things has been struggling with a weak U.S. ethanol production after floods in the Midwest this year, said it expected to announce a new CEO within a short period of time.

Shares in the company rose almost 4% in early trade.

Reporting by Stine Jacobsen, editing by Louise Heavens