Tate & Lyle Board Change
Tate Lyle PLC announces that Kai Nargolwala has decided to step down as a Non-Executive Director with effect from 31 December 2007.
Mr Nargolwala is based in Singapore and, as previously announced, will be joining the Credit Suisse Group as Chief Executive Officer of the Asia-Pacific Region on 1 January 2008. The requirements of this new executive role mean that he will no longer be able to commit the required time to travel to the UK on a regular basis to attend Tate Lyle Board meetings. This has prompted his decision to step down.
Sir David Lees, Chairman of Tate Lyle, said: “I am very sorry that Kai’s new work commitments make it necessary for him to step down from the Board. We thank him for his excellent contribution over the past three years and wish him every success in the future.”
Kai Nargolwala said, “I am disappointed that the time commitments of my new executive role mean I have to step down from the Board. I greatly enjoyed my time with Tate Lyle and wish the Company every success in the future”.
Tate Lyle operates through two global business units, Speciality Food Ingredients and Bulk Ingredients, supported by Innovation and Commercial Development. The Group's strategy is to become the leading global provider of Speciality Food Ingredients through a disciplined focus on growth, and by driving the Bulk Ingredients business for sustained cash generation to fuel this growth.
Speciality Food Ingredients include starch-based speciality ingredients (corn-based speciality starches, sweeteners and fibres), no calorie sweeteners (including SPLENDA® Sucralose) and Food Systems which provides blended ingredient solutions. Bulk Ingredients include corn-based bulk sweeteners, industrial starches and fermentation products (primarily acidulants). The co-products from both divisions are primarily sold as animal feed.
Tate Lyle is listed on the London Stock Exchange under the symbol TATE.L. American Depositary Receipts trade under TATYY. In the year to 31 March 2012, Tate Lyle sales totalled £3.1 billion. http://www.tateandlyle.com. SPLENDA® is a trademark of McNeil Nutritionals, LLC
