Siobhán Talbot, the current Group Managing Director, will be stepping down from her position at the end of this year.
Since November 2013, Talbot has been leading the group, previously serving as the Group’s Finance Director for six years.
Hugh McGuire, the current CEO of the Performance Nutrition Division, has been appointed as the new Group Managing Director starting next year.
Talbot’s departure leaves a limited number of female chief executives of listed companies in Ireland, following the exit of Francesca McDonagh from Bank of Ireland last year and Fiona Muldoon from FBD in 2019.
In a trading update, Glanbia reported a rise in earnings for the first half of the year, driven largely by the Performance Nutrition Division.
On a reported basis, Earnings Before Interest, Taxes, and Amortization (EBITA) increased by 5.9c to $198.6m (€181.8m).
However, the global nutrition group experienced a 10% decline in revenues, amounting to $2.8bn (€2.6bn) during the first half of the year, which was attributed to supply chain rebalancing impacting sales volumes.
The Performance Nutrition business of Glanbia, however, saw a 3.7% revenue growth, with prices in this division increasing by almost 11%, although volumes declined by 7.2%.
The Nutritional Solutions Division experienced a decline in revenue and prices by 15.2% and 4.8% respectively in comparison to the corresponding period in 2022, with volumes falling 10.4%.
Despite the challenges, Talbot expressed satisfaction with Glanbia’s performance, stating that the company successfully navigated the volatility in global market conditions.
She further added, “Our earnings momentum in the first half of 2023 was driven by a good performance in Glanbia Performance Nutrition as growth in revenue, earnings, and margin reflected a strong global performance for our flagship Optimum Nutrition brand.”
Moreover, the group has upgraded its guidance for the year, expecting adjusted earnings per share to grow between 12% to 15% on a constant currency basis, surpassing the previously planned 7% to 11% growth reported in May.
During the period, the group’s interim dividend increased by 10% to 14.22 cents, and €64.5m was returned through share buybacks.
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