McNulty started the new role this month and will attempt to guide the manufacturer on the road to recovery after its most recent results revealed losses of nearly £40m.
Having spent two years as the chief executive of Burts Snacks, McNulty possesses widespread FMCG experience.
He has also held senior roles at Coca-Cola Enterprises and served as managing director at SHS Drinks for three years.
Meanwhile, Reardon has moved into a new role as a non-executive director after spending more than two years as CEO.
‘Pivotal moment’ for Typhoo
“I’m energised to be joining Typhoo at such a pivotal moment,” said McNulty.
“Tea is undeniably a cornerstone of British culture. But what happens behind the scenes is largely unknown. We want to empower consumers, providing them with the tools to make informed choices when purchasing their tea. I’m really looking forward to working with such a brilliant team, and really making an impact.”
While Typhoo reported a £38m loss during the 12 months to September 2023 (its most recent results), the manufacturer said that this was largely driven by exceptional costs of £24.1m – a portion of which is associated with one-off costs related to its transformation plan.
The plan has included radical reforms to its recipe and an overhaul of its supply chain to raise awareness of sexual exploitation on tea plantations. The change in supply chain now guarantees greater control over the quality and taste of the final blend.
Typhoo has also discontinued the production of marginal and loss-making lines such as own-label products.
Mike Brehme, chair at Typhoo, added: "We’re delighted to welcome Dave to the team, especially at the beginning of this incredibly important journey. His track record speaks for itself, and we’re confident he will be a driving force as we continue to bring recognition to the issue and ensure our Tea is Made Right.”
