Associated British Foods (ABF) has announced Peter Smith has stepped down as a non-executive director after nine years.

Meanwhile, Richard Reid, formerly London chairman at audit, tax and advisory network KPMG, has been appointed a non-executive director, and has succeeded Smith as chairman of the audit committee.

In a statement, ABF said: “The board would like to thank Peter Smith for the significant contribution he has made during his tenure, well beyond his leadership of the audit committee.”