Novozymes, Danish industrial biotech giant, announces the formation of three divisions: Household Care & Technical Industries, Agriculture & Bioenergy and Food & Beverages.
The aim of the organizational change – the company writes in a note – is to enhance Novozymes’ ability to deliver more innovation to customers with more speed and commercial impact.
Novozymes expects that total costs associated with the reorganization will be DKK 60-70
million. The costs are expected to be realized in Q1 2016 and within the financial outlook provided on January 19, 2016; hence the full-year 2016 outlook remains unchanged as communicated in January.
To lead the three divisions, Novozymes has appointed former Vice President of Sales Tina Sejersgård Fanø as Executive Vice President (EVP), Agriculture & Bioenergy; former Vice President of Sales Anders Lund as EVP, Household Care & Technical Industries; and former EVP, Business Operations, Andrew Fordyce, who will transfer into the role of EVP, Food & Beverages.
The three divisions will be supported by one central Research, Innovation & Supply organization headed by COO & EVP Thomas Videbæk and Corporate Functions headed by CFO & EVP Benny D. Loft. Peder Holk Nielsen will continue as CEO & President. As a consequence of the changes to the organizational structure, Per Falholt, Head of R&D, will step down from the Executive Leadership Team. Mr. Falholt will continue at Novozymes in a consulting role on technology scouting with reference to EVP & COO Thomas Videbæk. Thomas Nagy, Head of Supply Operations, will leave Novozymes.