The company said the changes support the delivery of the financial and non-financial targets described in the ‘Better business with Biology’ strategy, and enable the realization of the company’s longer-term potential. The new setup allows for a more simple and responsive organization and involves changes to the executive leadership team.
Ester Baiget, President & CEO, said, “Together with my leadership team and the board of directors, I have recognized the need to further steer Novozymes in a direction where we can better deliver on our priorities and promises. The foundation of our company remains strong, and the fundamentals of the strategy are intact.
“But we need to change the way we structure ourselves around customers and geographies to reduce complexity, increase accountability, speed up decision-making and empower employees to a higher degree than before. As we equip ourselves to deliver to our full potential, this drives changes to the organization and the executive leadership team. I am certain the new setup is the right approach for both Novozymes and our stakeholders.”
The company said its focus is on accelerating Novozymes’ commercial capabilities and streamlining the innovation process. A new two-divisional structure allows for a stronger differentiation between sustainable solutions with clear consumer benefits, and sustainable solutions focusing on maximizing yields and optimizing processes for our customers.
This approach is intended to drive stronger and broader go-to-market benefits, speed up decision-making, enhance the value offerings and will better connect customer-generated ideas with the R&D organization. Additionally, stronger geographical representation in core decision processes will allow for faster decision-making and enable Novozymes to bring more tailor-made solutions to customers, the company said.
To increase focus on commercial excellence, the strategic direction of the company, digital capabilities as well as new business development, a new executive vice president (EVP) position has been established to represent these areas on the executive leadership team. To bring increased focus on people, sustainability and branding, a new EVP position has been established to represent these areas on the executive leadership team.
The two new divisions, ‘Consumer Biosolutions’ and ‘Agriculture & Industrial Biosolutions’, are organized around the value chain and customer exposure and allow for a more integrated approach towards end markets defined by common characteristics and value drivers.
The key areas of R&D operations, supply and quality will be directly represented on the executive leadership team, each headed by a dedicated EVP.
A new EVP area, strategy and business transformation, has been established with responsibility for strategy, digital transformation, commercial excellence, and new business development.
Another new EVP area has been established with responsibility for people and organization, sustainability and branding.
A more simplified geographical setup is also being introduced.
Following the new structure and approach, changes are being made to the executive leadership team.
Thomas Videbæk, EVP and COO, will leave the company no later than at the end of 2021. He will act as interim EVP for people & organization, sustainability and branding, as well as EVP strategy & business transformation.
Andy Fordyce, EVP food & beverages, will step down following the establishment of the two divisions and leave the company before the end of the year.
Following the changes, the Executive Leadership Team will consist of Ester Baiget, president & CEO; Lars Green, EVP & CFO; Anders Lund, EVP & head of consumer biosolutions; Tina Fanø, EVP & head of agriculture & industrial biosolutions; Claus Crone Fuglsang, EVP & CSO; Graziela Malucelli, EVP & COO; and Thomas Videbæk, EVP, head of people & organization, sustainability and Branding (interim) and head of strategy & business transformation (interim).