(Reuters) -Johnson Matthey said on Thursday that finance chief Richard Pike will take on a new role as chief operating officer, as the British chemicals company streamlines top management to sharpen business focus.
Pike will hand over the reins to insider Alastair Judge, who shall assume the role of chief financial officer from January 1.
The moves were announced alongside interim results, and the group reiterated its annual outlook and posted a 34% rise in adjusted operating profit to 142 million pounds ($185.6 million) for the six-month period ended September 30, excluding businesses it recently sold.
Shares in Johnson Matthey were down about 1% in volatile trade.
The company has been overhauling its strategy, divesting its catalysts arm to focus on core businesses related to emission-reduction products and platinum-group metal processing. It has also reduced capital expenditure and adopted a leaner investment model.
Analysts at J.P. Morgan flagged that the company’s earnings next year might come down due to headwinds from some business transitions.
“These appointments reflect the Board’s continued focus on ensuring the company’s management structure supports the delivery of our primary objectives to drive cash generation and increase shareholder returns,” Chair Andrew Cosslett said in a statement.
Judge, who joined Johnson Matthey in 2018, is currently Head of Strategy and Operations. He launched his career at consumer goods giant Unilever and has previously worked with supermarket group Asda and Avon Cosmetics in senior finance roles.
($1 = 0.7653 pounds)
(Reporting by Ankita Bora and Pushkala Aripaka in Bengaluru; Editing by Sonia Cheema and Sherry Jacob-Phillips)
