(MarketWatch) – Denmark’s Novozymes A/S said Monday it is splitting the company into three divisions in an effort to boost both innovation and its ability to act swiftly as the market dictates.
Novozymes, the world’s largest maker of enzymes used in products ranging from detergents to ethanol, said it has formed Household Care & Technical Industries, Agriculture & Bioenergy and Food & Beverages units.
Former Vice President (VP) of Sales Tina Sejersgard Fano will head Agriculture & Bioenergy; former VP of Sales Anders Lund will head Household Care & Technical Industries; and former EVP, Business Operations, Andrew Fordyce, will head Food & Beverages.
The three divisions will be supported by one central Research, Innovation & Supply organization headed by COO Thomas Videbaek and Corporate Functions headed by CFO Benny D. Loft, it said. Peder Holk Nielsen will continue as CEO.
Per Falholt, Head of R&D, will step down from the Executive Leadership Team but will continue in a consulting role on technology scouting. Thomas Nagy, Head of Supply Operations, will leave Novozymes.
The company expects costs associated with the reorganization to toal DKK60 million-DKK70 million. The costs are expected to be realized in the first quarter of 2016 but the full-year 2016 outlook remains unchanged.
By Dominic Chopping
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