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Finance

Novozymes CEO to step down amid earnings warning

by Melody M. Bomgardner
October 18, 2019 | APPEARED IN VOLUME 97, ISSUE 41

Novozymes CEO Peder Holk Nielsen will step down as CEO in early 2020, once a successor is in place. Novozymes says it will implement changes to deliver higher revenue growth, including choosing a leader from outside the company. The Danish enzyme firm has struggled in recent years to achieve growth promises and had to warn investors of earnings shortfalls in October, June, and April. In the most recent warning, Novozymes blames falling or weak demand from US ethanol producers, global agriculture, and starch processors.

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