Treatt, the manufacturer and supplier of a diverse and sustainable portfolio of natural extracts and ingredients for the beverage, flavour and fragrance industries, announces that Daemmon Reeve has informed the Board of his intention to retire from his role as Chief Executive Officer ("CEO") and as a director of the Company.
Daemmon's retirement comes after 32 years with Treatt, the last 11 years as CEO. He has agreed with the Board that he will step down from his role on 31 December 2023 and will step down immediately from Treatt's Nomination Committee.
The Board regularly reviews succession planning and has begun the process to appoint a new CEO.
Until a new CEO is appointed, Ryan Govender, the Company's Chief Financial Officer, will be appointed as Interim CEO from 1 January 2024. Building on his international and diverse experience from his previous roles, most recently within Associated British Foods, Ryan has a strong understanding of the business and has played a key role as part of the Treatt team in formulating an ambitious strategy for the future of the business.
Vijay Thakrar, Chairman of Treatt, commented:
"Daemmon has had a long and distinguished career at Treatt, overseeing a significant change in the Company's fortunes under his leadership. With the move into our new facility in Skyliner Way completed, the expansion in recent years of our US site and the recent establishment of our China subsidiary, the business is well positioned for growth and to capitalise on its strong market position. On behalf of the Board I would like to thank Daemmon for his contribution and to wish him the very best in retirement. We are very pleased to have someone of Ryan's calibre to assume the role of Interim CEO whilst we undertake a thorough search for Daemmon's replacement."
Daemmon Reeve, Chief Executive Officer of Treatt, commented:
"Treatt has been my life for the past 32 years and it has been a privilege to work with such a fantastic group of people in our great business. The time is now right for me to step aside for someone else to lead the next phase of the Company's growth. I'd like to thank all of my colleagues for the wonderful support that they have given to me and the business over the years, and look forward to seeing the business scale further heights."