4th Dec 2019 10:49
(Alliance News) - Aquaculture health and genetics company Benchmark Holdings PLC on Wednesday announced Malcolm Pye has stepped down from his role as chief executive with immediate effect.
This comes after the company in August said Pye would be standing down at the end of November. Chair Peter George is to take on his responsibilities until a new CEO is found.
Pye will, however, be staying on the Benchmark board as a non-executive director.
George said: "On behalf of the board, I would like to take this opportunity to thank Malcolm for his considerable contribution during his time with the group. We are delighted he will remain with Benchmark in a non-executive director role, which will ensure we retain his significant expertise."
This comes after a trading update last week revealed revenue for the year ended September 30 was down 2% to GBP148 million compared to GBP151.5 million a year ago.
The company said the performance was as a result of negative conditions in the shrimp and Mediterranean sea bass and bream markets, as well as by changes and delays in its programme of commercial scale trials for some of its pipeline products.
In last week's statement regarding its new financial year, Benchmark said:"The shrimp and sea bass-sea bream markets continue to show weakness and although some recovery is expected, they are unlikely to recover to 2018 levels in 2020."
Shares in Benchmark were up 1.1% at 46.00 pence on Wednesday in London.
By Ife Taiwo; [email protected]
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