Ilias Assimakopoulos, chief executive officer (CEO) of Abu Dhabi-based food and beverage company Agthia, plans to step down at the end of this year. He will join the company’s board in 2014.

The decision “reflects his wish both to pursue new opportunities in the future and to be closer to his family”, according to a statement. A replacement has not yet been announced.

Agthia’s share price dropped slightly following the announcement, but bounced back later in the week. Prior to that its share price had risen 26.6 per cent over a three month period.

Assimakopoulos has been CEO of Agthia since 2006, overseeing a portfolio of food and beverage products across the UAE, GCC, Turkey and the wider Middle East. It operates brands including Al-Ain mineral water, Capri-Sun juices, Al-Ain tomato paste and frozen vegetables products, and Yoplait dairy products.

Most of its shares – 51 per cent – are held by Senaat (General Holding Corporation), with the remaining 49 per cent held by individual and institutional investors.