Glanbia announces CEO appointment

16 August 2023. The Glanbia plc board (the "Board") announces that Siobhán Talbot has notified it of her intention to retire from Glanbia plc ("Glanbia", the "Company" or "Group") following ten successful years as Group Managing Director of the Company. Siobhán will step down from her position and from the Glanbia Board on 31 December 2023 and will retire from the Group in January 2024. Hugh McGuire, currently Chief Executive Officer ("CEO") of Glanbia Performance Nutrition ("GPN"), will be appointed CEO of Glanbia plc and join the Glanbia Board as an Executive Director effective 1 January 2024. 

Donard Gaynor, Chairman of Glanbia plc said: "On behalf of the Board I would like to express our deep gratitude to Siobhán for her leadership and contribution to Glanbia over the past ten years as Group Managing Director.  A deeply principled and values driven leader, Siobhán has provided outstanding strategic direction to Glanbia, reshaping the business and its culture to become a clear leader in the world of better nutrition. She led the creation of a focused business which is aligned to growing consumer trends with clear purpose and values, a strong balance sheet and continued ambition for growth which are all key parts of her distinguished legacy.

The CEO appointment was the conclusion of an extensive selection process led by the Board's Nomination and Governance Committee with the support of an executive search firm. Following this process, the Board is delighted to appoint Hugh McGuire as CEO of Glanbia effective 1 January 2024. Hugh has led the growth and evolution of GPN with unrelenting focus to become a global leader and a key earnings generator. He combines a passion for our business and our served markets with entrepreneurial flair and a growth mind-set. I have known Hugh since I have joined the Board and I know he is committed to Glanbia's success and is the ideal leader to take us through to the next phase of our growth and evolution."

Siobhán Talbot, Group Managing Director, Glanbia plc added: "It has been my great privilege to lead Glanbia over the past ten years. I am very proud of how the organisation has evolved, grown and strengthened over this period. It is well positioned for the next phase of growth with great people, culture and capabilities. I want to thank my leadership team and all my colleagues right across the Group for their hard work and commitment to Glanbia and their personal friendship.

I would like to wish Hugh well as he takes the helm in 2024 and I look forward to working with him on the leadership transition over the coming months. I know how passionate and committed to Glanbia he is and I have no doubt he will drive the Group forward in pursuit of its strategic focus on better nutrition."

Hugh McGuire, CEO of Glanbia Performance Nutrition added: "I am honoured and delighted to have been appointed as the next CEO of Glanbia, an organisation I have been proud to serve over the last 20 years. It is a business and a sector that is closely aligned to my own passions and values and I've been privileged to be part of its transformation journey. Siobhán leaves Glanbia in a very strong position for future growth and I'd like to sincerely thank her for all her support over the years.

My focus will be to build upon these strong foundations for the benefit of all stakeholders in the years to come. Glanbia has great nutritional ingredients, brands and businesses, serving exciting categories in health and wellness that truly support our consumers and customers to reach their nutritional goals. In addition we have really talented people and a strong values led culture. I look forward to working with my colleagues globally to capture the growth opportunities ahead, to sustainably create shareholder value and achieve our full potential as a better nutrition business."

Background

Siobhán Talbot joined the Group in 1992 and held a number of senior positions, including Group Finance Director, prior to her appointment as Group Managing Director in 2013.

Under Siobhán's leadership, Glanbia has been transformed into a focused global better nutrition business, serving growing consumer nutrition trends and societal needs. The Group's business model has been reshaped towards growing and higher margin consumer branded and ingredient nutrition markets worldwide. Today, Glanbia Performance Nutrition is the world's leading sports nutrition business including the Optimum Nutrition brand. Glanbia Nutritionals has evolved its global capabilities and scale in nutritional solutions with strong global positions in particular in proteins and customised premix solutions for the food and beverage industry. Under Siobhán's leadership, Glanbia has strengthened its organisational resilience with a strong purpose and values driven culture, a strong financial position and sustained returns to shareholders.

Hugh McGuire joined Glanbia in 2003 and held a range of senior leadership roles across the Group, residing in the US for nine years, during his career with the Company. He initially worked in the ingredients division culminating in his role as CEO of Glanbia Customised Solutions where he led the development of the global vitamin and mineral premix business through a number of organic development and M&A projects in the US, Europe and Asia. In 2008 he was appointed CEO of Glanbia's Performance Nutrition business ("GPN"). During his tenure, GPN has grown organically and through M&A from annual revenues of $185 million to $1.7 billion in 2022 and has become the world's number one sports nutrition business. In this period the flagship Optimum Nutrition brand has grown revenues by 16% annually to become Glanbia's first $1 billion brand earlier this year.

Hugh has been a member of the Group's Operating Executive since 2013 and served on the Board from 1 June 2013 until April 2019. Prior to joining Glanbia, Hugh worked for McKinsey & Company as a consultant across a range of industry sectors and prior to this in marketing and commercial roles with Nestle and Leaf. He holds an M.Sc. in Food Science from University College Dublin and has a Diploma in Accounting and Finance from the Association of Chartered Certified Accountants Ireland.

On his appointment to the Board, Hugh will also be appointed to the Corporate Development Board Committee of the Company.

This announcement is made in accordance with Rule 6.1.64 of Euronext Dublin Listing Rules and Rule 9.6.11 of the London Stock Exchange Listing Rules. The Company confirms that there are no other matters requiring disclosure under Rule 6.1.66 of Euronext Dublin Listing Rules and Rule 9.6.13 of the London Stock Exchange Listing Rules.

Inside Information

This announcement contains inside information. The person responsible for arranging for the release of this announcement on behalf of Glanbia plc is Liam Hennigan, Group Secretary and Head of Investor Relations. The time and date of this announcement is, at 7am BST, 16 August 2023.

ENDS

For further information contact

Glanbia plc                                                                                                                                 +353 (0)56 777 2200

Liam Hennigan, Group Secretary & Head of Investor Relations:                                      +353 (0)86 046 8375

Donal O'Keeffe, Investor Relations Director:                                                                       +353 (0)86 047 2974

Martha Kavanagh, Director of Corporate Affairs:                                                               +353 (0)87 646 2006