28 Jan 2020 15:45
Management Update
PureCircle (LSE: PURE), the world's leading stevia producer and innovator, announces the appointment of Peter Lai Hock Meng as its Chief Executive Officer ("CEO") and Stephane Ducroux, as Deputy CEO.
CEO - Peter Lai Hock Meng
Mr. Lai will commence the role of Chief Executive Officer with effect from 2 March 2020. He has significant experience of working with PureCircle, having been a non-executive Director from June 2008 until March 2017. At present, he serves as Advisor to the PureCircle Board on China matters and is the Chairman of the PureCircle Group's two subsidiaries there.
Mr. Lai brings experience in financial management and corporate governance good practices. After beginning his career in the Monetary Authority of Singapore, he has held various senior management positions in banking institutions including Morgan Grenfell Asia & Partners Securities, SocGen Crosby Securities, Citigroup Private Bank and OCBC Private Bank.
John Slosar will step down as Interim CEO on 2 March 2020. He will continue his role as Non-Executive Chairman.
Mr. Lai Hock Meng has been nominated for Board membership at the upcoming Annual General Meeting. Further to this announcement, he will be considered an Executive Director if he is elected to join the Board.
Deputy CEO - Stephane Ducroux
Mr. Ducroux has been promoted to Deputy CEO with immediate effect. He joined PureCircle in 2018 and has been responsible for a number of the Company's customer-facing functions including sales and marketing, technical and innovation as well as scientific and regulatory affairs. This experience has provided him with an excellent understanding of the Company.
Mr. Ducroux has over 20 years of management experience in natural specialty ingredients. He has expertise in commercial operations, business development and acquisitions. Before joining PureCircle, he had a long career at Naturex, during which time the company grew strongly. His last job at Naturex was COO Americas and Asia-Pacific.
CFO - Jimmy Lim
Further to the announcement of 3 January 2020, Jimmy Lim Kian Thong will join the Company as its Chief Financial Officer. His joining date has been amended to be 4 February 2020 and he is expected to join the Board on that date.
Resignation of Mr. Magomet Malsagov as Adviser
Further to the announcement of 14 November 2019, Mr. Magomet Malsagov has resigned from his role as Adviser to the Chairman.
John Slosar, Chairman and Interim CEO said, "Both Peter and Stephane have an intimate understanding of the PureCircle business, our valued customer base and the global market opportunity for stevia as a natural sweetener and replacement for sugar. I am confident that, together with Jimmy as our incoming CFO and our Operations and R&D leaders, we have a strong and experienced Executive team with the right skillset to drive future growth and generate significant value from the market-leading IP we have created and own.
"Peter Lai's experience of working in China, as well as his significant experience in business and financial oversight, will be important to achieving this.
"Stephane Ducroux has already demonstrated leadership and commercial savvy. In his new role, he will have enhanced leadership of our commercial and strategy agenda. His customer relationships and enthusiasm for the business will be of great value going forward.
"Finally, the Board would like to thank Maga Malsagov for his vision in founding and building PureCircle."
28 January 2020
Enquiries:
James Ritchie, Interim CFO
Phone: +603 2166 2206
Alina Slotnik, Vice President of Global Marketing
Email: alina.slotnik@purecircle.com
Phone: +1 (630) 517-0812
Newgate Communications, Media Relations
Elisabeth Cowell
Giles Croot
Email: purecircle@newgatecomms.com
Phone: +44 (0) 20 3757 6880
Notes to Editors
About PureCircle
·; PureCircle is the only company that combines advanced R&D with full vertical integration from farm to high-quality, great-tasting innovative stevia sweeteners.
·; The Company collaborates with farmers who grow the stevia plants and with food and beverage companies which seek to improve their low- and no-calorie formulations using a sweetener from plants.
·; PureCircle will continue to: lead in research, development and innovation; produce a growing supply of multiple varieties of stevia sweeteners with sugar-like taste, using all necessary and appropriate methods of production; and be a resource and innovation partner for food and beverage companies.
·; PureCircle stevia flavor modifiers work in synergy with sweeteners to improve the taste, mouthfeel and calorie profile, and enhance the cost effectiveness, of beverage and food products.
·; Founded in 2002, PureCircle is continually investing in breakthrough research and development and it has been granted over 214 stevia-related patents with more than 300 applied for patents pending.
·; PureCircle has offices around the world with the global headquarters in Chicago, Illinois.
·; To meet growing demand for stevia sweeteners, PureCircle is rapidly ramping up its supply capability. It completed expansion of its Malaysian stevia extract facility in March 2017, increasing its capacity to rapidly supply the newer and great-tasting specialty stevia sweeteners and helping provide ever-increasing value to its customers.
·; PureCircle's shares are listed on the main market of the London Stock Exchange.
·; For more information, visit: www.purecircle.com
About stevia
·; Given the growing global concerns about obesity and diabetes, beverage and food companies are working responsibly to reduce sugar and calories in their products, responding to both consumers and health and wellness advocates. Sweeteners from the stevia plant offer sugar-like taste and are becoming an increasingly important tool for these companies.
·; Like sugar, stevia sweeteners are from plants. But unlike sugar, they enable low-calorie and zero-calorie formulations of beverages and foods.
·; Stevia leaf extract is a natural-based, zero calorie, high-intensity sweetener, used by global food and beverage companies as a great-tasting zero-calorie alternative to sugar and artificial sweeteners.
·; Stevia is a naturally sweet plant native to South America; today, it is grown around the world, notably in Kenya, China and the US.
·; The sweet-tasting parts of the stevia leaf are up to 350 times sweeter than sugar: stevia's high-intensity sweetness means it requires far less water and land than sugar.
·; Research has shown that the molecules of the stevia leaf are present and unchanged in the dried stevia leaf, through the commercial extraction and purification process, and in the final stevia leaf extract product. All major global regulatory organisations, across 65 countries, have approved the use of high-purity stevia leaf extracts in food and beverages.
·; For more information on the science of stevia, please visit https://www.purecirclesteviainstitute.com/