Own-label household and personal care giant McBride has announced CEO Chris Bull is standing down with immediate effect.

He is to be replaced by Rik de Vos, currently global general manager for the flexible foam division of Belgian company Recticel. De Vos will take up the role in the first quarter of 2015, with McBride chairman Iain Napier leading the company in the interim. Bull is to make himself available to ensure an “orderly handover”.

The announcement comes days after company’s share price slid to 75p – the lowest level since May 2003. Shares have been on a downward trend since May but this is the first time they have fallen beneath the 75.50p recorded in June 2008.

McBride revenues in the year to June were down from £761.4m to £744.2m, and pre-tax profit down from £13.3m to £9.7m, a slide Bull put down to a proliferation of promotional activity on branded goods.

In June, the company announced a cost-cutting programme designed to save £12m a year, which involved making 400 of its 1,600 UK staff redundant. Bull called the decision “a robust plan to help restore our UK profitability.”

A spokesman for McBride said the restructuring programme would continue as planned under the new leadership.

De Vos, a Belgian with a PhD in polymer chemistry, has more than 25 years’ experience in business with companies including Huntsman, Rohm & Haas and Borsodchem. He was appointed to his role at Recticel in 2011.

“The board is delighted to welcome Rik with his extensive and relevant experience which we are confident will drive forward our restructuring and growth plans,” said Napier. “We would also like to thank Chris Bull for his efforts over the past few years and wish him well for the future.”