Food company Kerry confirmed this morning that chief executive Hugh Friel will step down at the end of the year.
He will be replaced by Stan McCarthy who heads up the firm's American ingredients arm.
The news was included in the Kerry half-year results which showed the company made pre-tax profits of €132.5 million between January and June of this year, a rise of from €125.3 million reported over the same period in 2006.
Over the first six months of the year Kerry's total group revenue amounted to €2,332 million, a fall on the same period in 2006.
Despite what are referred to as significant input cost increases Kerry said group trading profit increased by 6.2 per cent to €172.4 million and that trading margins rose by 20 basis points to 7.4 per cent.
Adjusted earnings per share rose by 7 per cent to 58.8 cent. The interim dividend of 6.1 cent per share reflects an increase of 10.9 per cent over the 2006 interim dividend.