Imperial Leather maker PZ Cussons has announced its chief executive will step down after 25 years with the business.
The announcement comes alongside a trading update, in which the firm reported “challenging market conditions” led to a decline in first-half revenue and operating profit.
Alex Kanellis, who was appointed CEO in 2006 after joining the company in 1993, will leave the company on January 31, 2020.
Caroline Silver, Chair of PZ Cussons, said: “The Board would like to thank Alex for his lifetime of service to PZ Cussons.
“His commitment to the CANDO and Good 4 Business values and culture which make PZ Cussons so special and his tireless efforts to develop and grow the business in each of its key markets are truly appreciated, particularly during recent difficult years.
She continued: “The group is now ready to move onto the next chapter under new leadership and we are confident that the opportunities to return to profitable growth are significant.
“On behalf of the board and Alex’s many friends within the business, we wish him and his family all the very best for the future.”
While the the group saw revenue and profit growth in the Asia Pacific region, Africa revenue declined, which it said was due to weakness in its mass market home and personal care brands.
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In Europe and the Americas, the group said “continuing consumer uncertainty and well-documented challenges in the 海角视频 high street adversely impacted overall revenue and profit”, despite Imperial Leather and Original Source demonstrating market share growth.
The search for a new CEO is currently underway and is expected to be completed in the first half of 2020, the group said.
Caroline Silver will become executive chair with effect from February 1, 2020 and Alan Bergin will continue as interim chief financial officer.
Mr Kanellis said: “It has been a privilege to serve the Company and the Board as Chief Executive Officer and I am proud to have worked with so many fantastic people across the business over many years.
“The Company has a stable of great brands and enjoys strong long term relationships with partners across all regions but, above all, it is our unique CANDO culture and our people which makes PZ Cussons special and which, as I retire from the Company, gives me the confidence that the business has a bright future ahead.”