Michael Frank, formerly the chief executive of agricultural chemical firm UPL, steps into the role as Khandpur’s successor. Khandpur, who held the dual titles of president and CEO since 2023 and became chairman in 2025, will remain with the company in an advisory capacity to oversee the transition period.

Alongside the executive change, the company board appointed director Richard Fearon as non-executive chairman. The sudden transition marks a significant pivot for the organization, which had seen steady growth in its valuation prior to this morning’s announcement.