New chief executive in the bag for Tate & Lyle

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The shares jumped 29p, or more than 10%, to 302.5p on the news.

Javed Ahmed, 49, is an American who has worked for the Cillit Bang-to-Calgon maker for the past 17 years, including an early spell in charge of its UK and Ireland operations.

He will replace Iain Ferguson, who has headed Tate & Lyle for the past six years, and in the last two has been forced to issue no fewer than five profits warnings.

Ferguson, who joined the sugar and sweeteners firm from Unilever six years ago, has effectively been put on notice today and will receive the balance of his 12-month contract when Ahmed arrives some time before November. He will get no other pay-off. Last year, Ferguson was paid a total of £1.3 million including his basic of £705,000 and £282,000 put into his personal pension plan.

This is the third big management change at Tate & Lyle, with finance director John Nicholas having departed last September and chairman Sir David Lees leaving at the end of this year.

Ahmed is currently vice president of Reckitt Benckiser's European operations, and has previously run North America, Australia and New Zealand.