StockMarketWire.com - PZ Cussons has announced chief executive Alex Kanellis will retire from the company on 31 January 2020 after 13 years in the role.

The company said a search for his successor has been initiated, with the process expected to be completed in the first half of 2020.

Pending the appointment of the new chief executive, Caroline Silver will become executive chair with effect from 1 February next year.

Silver said: 'His commitment to the CANDO and Good 4 Business values and culture which make PZ Cussons so special and his tireless efforts to develop and grow the business in each of its key markets are truly appreciated, particularly during recent difficult years.

'During his 13-year tenure as chief executive officer, Alex has led numerous initiatives which have shaped the business, including the acquisition of the brands which now underpin the group's growth and future potential.'

In a trading update for the half-year to 30 November 2019, PZ Cussons reported that challenging market conditions across key geographies had led to a decline in first-half revenue and operating profit compared with last year.

It grew market share in the US, UK and Indonesia, while the sale of its Greek and Polish businesses has been agreed.

PZ Cussons reported that in Europe and the Americas, the Imperial Leather and Original Source brands continued to demonstrate market share growth, but that continuing consumer uncertainty and 'well-documented challenges' in the UK high street had adversely impacted overall revenue and profit.

In Indonesia, revenue and profit growth was driven by Cussons Baby and offset by lower revenue and higher promotional costs in Australia.

In Africa, revenue declined due to weakness in the company's mass market home and personal care brands, which offset strong growth in electricals.

At 8:04am: [LON:PZC] PZ Cussons PLC share price was -3.4p at 190.4p



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