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(Sharecast News) - Alliance Pharma announced a significant leadership transition on Wednesday, with chief executive Peter Butterfield stepping down from his role to pursue other business interests.
The AIM-traded firm said Butterfield joined its board in 2010 and assumed the CEO position in 2018.
To fill the vacancy, Alliance said it had conducted a search process and appointed Nick Sedgwick as the new CEO, effective from 13 May.
It said Sedgwick would bring a wealth of experience in consumer health, with a career spanning 30 years across European, US, and global roles at major multinational companies including Reckitt, Coty, and Nestlé.
His most recent role was as regional director for UK and Ireland consumer health at Reckitt, where he increased revenue and profitability in one of the company's key markets.
Prior to his tenure there, Sedgwick held various senior positions at Coty, including senior vice-president for global sales and commercial capabilities, and general manager of consumer beauty for the UK and Ireland.
Butterfield would continue to support Alliance until 30 June, facilitating the transition to Nick Sedgwick's leadership.
"The board and I would like to thank Peter for everything that he has done for Alliance," said chair Camillo Pane.
"He led Alliance's transition towards consumer healthcare and group revenues have almost doubled since he became CEO.
"We welcome Nick to Alliance and look forward to working with him as he leads the company through the next phase of its growth and development."
At 1231 BST, shares in Alliance Pharma were down 15.17% at 27.15p.
Reporting by Josh White for Sharecast.com.
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