MP Evans is to split the longstanding double act at its helm – but not by that much, with one of its joint managing directors taking the role of executive chairman.

Peter Hadsley-Chaplin, who has for years shared control of the palm oil-to-beef group with fellow joint managing director Philip Fletcher, will become executive chairman, "devoting approximately 60% of his time to the group's affairs".

A company spokesman, while declining to outline where Mr Hadsley-Chaplin will spend the other 40% of his time, said the chairman elect remained fully committed to the company, with the new role allowing greater opportunity to study operations such as the group's Australian beef farms.

The move will leave Mr Fletcher as sole managing director, the second time he has held the post outright. He was also executive chairman between 1999 and 2005.

Mr Fletcher was the better paid of the two last year, with remuneration $35,000 higher at $411,000, thanks in the main to extra pension contributions.

Company dynasty 

The reshuffle restores a Hadsley-Chaplin to the MP Evans chair after a 10-year break.

Edwin Hadsley-Chaplin, Peter's father, held the post from 1978 until retiring in 1999, helping bring the group to the stockmarket in 1982.

The current chairman, Richard Robinow, will stand down but remain on the board as non-executive director.

Best practice in UK corporate governance frowns on dual managing directors, but also on companies promoting chief executives to chairmen.

Palm oil hit 

MP Evans unveiled the changes, which will come into effect on January 1, as it highlighted a 68% slump to $9.35m in earnings for the first six months of 2009.

The drop reflected lower palm oil prices, with revenues down 32% at $11.9m, and a profits boost the year before from the sale of Malaysian assets.

The group added that full-year operating profits were likely to come in lower than last year's $20.6m, implying a decline in its performance for the second half of the year compared with the first.

'Value-creating profile'

In London, MP Evans shares closed down 4.1% at 326p despite some upbeat broker comment.

Panmure Gordon, noting headway in developing Indonesian plantations, restated a "buy" rating on the stock, citing the group "continues to make good strategic progress".

Collins Stewart said: "Not only is MP Evans tapping into the growing global demand for palm oil, it's well placed to take advantage of Asia's burgeoning love affair with beef.

"We're impressed by the company's portfolio management, a solid balance sheet, its value-creating profile and cheap valuation."