Nutrition group Glanbia said today that Hugh McGuire will become its new chief executive officer, replacing Siobhán Talbot who will step down at the end of the year after 10 years in charge.
Glanbia said that Ms Talbot will step down from her position and from the Glanbia Board on December 31 and will retire from the Group in January 2024.
Hugh McGuire is currently CEO of the company's Glanbia Performance Nutrition division, which produces sports nutrition products and brands such as SlimFast.
He will be appointed CEO of Glanbia plc and join the Glanbia Board as an Executive Director from January 1, 2024.
The announcement comes as the nutrition group revised upwards its outlook for growth in earnings per share to between 12% and 15%.
The upgrade came on the back of half year results which saw the group reporting earnings before interest, tax and other measures (EBITA) of $198.6m.
That was an increase of around 6% on the $187.6m reported this time last year.
Revenue of $2.8 billion was down from $3.1 billion in the same period in 2022.
This is the first set of results to be reported in US dollars after the Group announced in March that it would be changing its reporting currency from euro.
Glanbia reported margin growth across all its business segments with adjusted earnings per share for the first half coming in at 60.78 US cents, up over 6% from 57.17 cents this time last year.
The board of the company is recommending an interim dividend of 14.22 cent (euro) per share.
It represents a 10% increase on the 12.93 cent per share in the same six month period last year.
"Glanbia's overall dividend policy remains unchanged at a target annual dividend payout ratio of between 25% and 35% of adjusted EPS (earnings per share)," it said in its statement accompanying the results.
The group maintained share buyback activity through the first half of this year, deploying €64.5m in the six months period.
It announced in May that it would deploy an additional €50m towards buying back shares, bringing the total programme amount to €100m.
"Our earnings momentum in the first half of 2023 was driven by a good performance in GPN (Global Performance Nutrition) as growth in revenue, earnings and margin reflected a strong global performance for our flagship Optimum Nutrition brand," Siobhán Talbot, Group Managing Director of Glanbia said.
"GN's (Glanbia Nutritionals) first half performance was in line with expectations, as customer supply chain rebalancing trends reduced volumes, with progressive improvements in demand trends as the period progressed which we expect to continue into the second half of the year," she added.
"As we look to the second half of the year, we believe that the combination of market opportunity and our strong operating capabilities set us up for sustained delivery of future growth," Ms Talbot concluded.
Siobhán Talbot also said today that it was her "great privilege" to lead Glanbia over the past ten years.
"I am very proud of how the organisation has evolved, grown and strengthened over this period. It is well positioned for the next phase of growth with great people, culture and capabilities. I want to thank my leadership team and all my colleagues right across the group for their hard work and commitment to Glanbia and their personal friendship," she said.
Siobhán Talbot joined Glanbia in 1992 and held a number of senior positions, including Group Finance Director, before her appointment as Group Managing Director in 2013.
Under her leadership, Glanbia has been transformed into a focused global better nutrition business, serving growing consumer nutrition trends and societal needs, while its business model has been reshaped towards growing and higher margin consumer branded and ingredient nutrition markets worldwide.
Glanbia Performance Nutrition is now the world's leading sports nutrition business including the Optimum Nutrition brand. Glanbia Nutritionals has evolved its global capabilities and scale in nutritional solutions with strong global positions in particular in proteins and customised premix solutions for the food and beverage industry.
Glanbia's incoming CEO Hugh McGuire said that Siobhán leaves Glanbia in a very strong position for future growth.
"My focus will be to build upon these strong foundations for the benefit of all stakeholders in the years to come. Glanbia has great nutritional ingredients, brands and businesses, serving exciting categories in health and wellness that truly support our consumers and customers to reach their nutritional goals. In addition we have really talented people and a strong values led culture," he said.
Hugh McGuire joined Glanbia in 2003 and held a range of senior leadership roles across the group, residing in the US for nine years, during his career with the company.
He initially worked in the ingredients division culminating in his role as CEO of Glanbia Customised Solutions where he led the development of the global vitamin and mineral premix business through a number of organic development and M&A projects in the US, Europe and Asia. In 2008 he was appointed CEO of Glanbia's Performance Nutrition business.
He has been a member of the Group's Operating Executive since 2013 and served on the Board from 1 June 2013 until April 2019.
Before joining Glanbia, Hugh worked for McKinsey & Company as a consultant across a range of industry sectors and prior to this in marketing and commercial roles with Nestle and Leaf.
Shares in the company moved higher in Dublin trade today.
