Listed biotech firm’s founder and CEO to resign

The founder and Chief Executive Officer of Sheffield-based aquaculture health, nutrition and genetics business Benchmark is to step down.

Malcolm Pye has told the listed company’s Board that he will resign to allow the business to appoint a new CEO to drive the next phase of Benchmark’s growth and development.

He will formally step down on 30 November 2019, when he will become a Non-Executive Director of Benchmark, ensuring the company retains his knowledge and experience at Board level.

Peter George, Chairman of Benchmark, will step up with immediate effect to the Executive Chairman post and will remain in this role through to the appointment of a new CEO, to ensure a smooth transition period.

Last week, Benchmark issued a profit warning in its quarter three trading update, noting that it was facing “challenging conditions” in its global shrimp and Mediterranean seabass/bream markets.

During his tenure, Pye led the Group through its foundation, Admission to AIM and the acquisitive and organic growth that followed.

The business this morning confirmed it had begun an external search for a successor and a further announcement will be made in due course.

George said: “On behalf of the Board, I would like to take this opportunity to thank Malcolm for his considerable contribution during his time with the Group. We are delighted that he will remain with Benchmark in a NED role, which will ensure we retain his significant expertise.

“I joined Benchmark because I loved Malcolm’s passion for the business and sector; he has been instrumental in developing a culture in the business that is passionate about sustainability and animal welfare, and we are committed to building on that process.

“We have begun the search for his successor and look forward to updating on progress and ensuring a smooth handover of duties in due course.”