McBride, a leading manufacturer of private label household products, yesterday announced the departure of its Chief Executive after warning on profits for the second time this year.
Rik De Vos, who has led the business since 2015, will step down once a successor has been recruited.
He highlighted progress that company had made with its recent restructuring programme, adding: “I now consider that the group requires different leadership to deliver the next phase of its growth ambitions. I’m confident that I will be leaving McBride well positioned to realise these ambitions.”
His resignation came as the company warned that its profits for the year to the end of June will be “modestly lower” than market forecasts of £28.7m as a result of weaker than expected sales activity during the third quarter in Germany, France and Italy.
The firm had been struggling to pass through price rises to customers amid soaring costs and growing competition for cheaper rivals.
Shares in McBride fell over 11% following the announcement.
