Benchmark Holdings founder to step down
A PROFITS warning was behind Malcolm Pye’s surprise decision to stand down as chief executive of theYorkshire aquaculture health, nutrition and genetics business Benchmark Holdings, it has been disclosed.
Pye, who will formally quit on November 30 but who will stay on as a non-executive director, told the board that he taken the decision to allow the company to appoint a new leader to drive the next phase of Benchmark’s growth and development.
Benchmark Holdings said that Pye had decided a new boss was needed. However, the company stressed it wants to retain ‘his extensive knowledge and experience’.
But the decision was taken in the wake of a profits warning a week earlier which wiped a fifth off its market value.
The company then warned that in the past three months it has faced ‘challenging conditions in the global shrimp and Mediterranean seabass and bream markets’, which had affected sales in its advanced nutrition business.
However, the share price, which has varied from a high of 63p to 36.5p in the past year, did make some recovery later.
Above: Malcolm Pye