Novozymes appoints new executive vice president

By staff reporter

- Last updated on GMT

Related tags: Novozymes

Novozymes has appointed Benny Loft as its new executive vice
president and chief financial officer following the death of Per
Mansson on 17 November.

Loft will be responsible for finance, investor relations, IT and legal affairs of the Danish enzyme giant.

The appointment takes effect immediately.

"Benny was actively involved in the demerger of Novo Nordisk and Novozymes, participating in demerger steering committee meetings, and was, among other things, responsible for the division of the two companies consolidated accounts and corporate tax,"​ said the company in a statement.

"During the same period, he was responsible for building Novozymes' finance department."

Loft comes to the position of executive vice president during a period of strength for the company. Novozymes recently reported 'highly satisfactory' results for the first nine months of 2006, enabling the enzyme giant to adjust the outlook for earnings upwards.

Operating profit and sales grew by 11 per cent and eight per cent respectively, in line with the Danish firm's expectations.

Net profit for the period rose by only one per cent to DKK 671 million, from DKK 664 million. But Novozymes claimed that adjusted for a negative effect relating to employee share options, net profit for the period was just over four per cent higher than for the same period of last year.

Sales of food enzymes rose by 8 per cent in DKK in the first nine months of the year compared with 2005, including a positive exchange rate effect of 1 percentage point. This growth was primarily due to the trend in sales of baking enzymes, with the new distribution set-up in North America having a particularly positive impact.

Growth in sales of enzymes for beverage alcohol and processed foods remained healthy, driven partly by increasing demand from Asia.

Related topics: Market Trends, Cultures, enzymes, yeast

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