Novozymes today announces that Benny D. Loft, Executive Vice President and CFO, Corporate Functions, will step down and leave the company. After many successful years at Novozymes, Benny D. Loft and the Board of Directors have mutually agreed that now is the right time for a change – in the interests of both parties.
Chairman of the Board of Directors Jørgen Buhl Rasmussen and President & CEO Peder Holk Nielsen comment: “It has been mutually agreed between the Board of Directors and Benny that, having been part of Novozymes’ successful demerger from Novo Nordisk, and having been with Novozymes for some 17 years, including more than 10 years as EVP and CFO, the time has come for a change for both parties. We’d like to thank Benny for his leadership, steady course and significant contributions to the development of Novozymes, and wish him every success in the future.”
EVP & CFO, Corporate Functions Benny D. Loft says: “Novozymes is a fantastic company with a great past and future. It’s been an honor to work here for 17 years and to serve as CFO during a period where we have grown our business and profit significantly to the benefit of our employees and other stakeholders. However, I believe now is the right time for a change, both for the Company and for me personally. I shall miss the great colleagues, partners and investors, and I will continue to follow Novozymes with interest.”
The search for a successor has begun. Benny has agreed to be available until September 1, 2017.
This change to the Executive Leadership Team has no impact on the financial outlook for 2017.
Source: Novozymes
It is LYB’s ambition to further develop the company’s unique solvent-based technology for low density polyethylene (LDPE) and build commercial plants in the future. This will enable LYB to produce new high-purity materials that can be used in applications like flexible packaging for personal care products, meeting the demands of customers and brand owners.
The company also announced a comprehensive cost reduction program with anticipated annualized pre-tax savings of approximately $175 million once fully implemented, including savings of $60 million in 2025. The multi-year program is focused on reducing structural costs primarily in Europe and in certain other global businesses.
The businesses outside these core areas will either be sold to new owners or integrated into partnerships. In some cases, businesses will be closed down responsibly. Altogether, the businesses affected by these changes generate €350 million in sales.
