7th Nov 2019 14:40
(Alliance News) - Innovaderma PLC said Thursday it has appointed Finance Director Joe Bayer as executive chair with immediate effect, after its founder decided to leave.
He will be replacing Haris Chaudhry, who has resigned for personal reasons and to pursue other interests after founding the company in 2013. Chaudhry will remain available to the life sciences and personal care products developer to ensure an orderly handover.
Alongside his departure, Chaudhry sold 4.1 million shares on Wednesday and Thursday at a price of 52.0 pence per share, totalling GBP2.1 million.
Chaudhry now holds no interest in the company following this sale.
Bayer has been part of Innovaderma for five years, starting as non-executive director at 2014 and becoming finance director in 2015.
Bayer will continue to oversee the finance function of the business, while the company reviews the role of finance director and appoint a suitable replacement in due course.
"On behalf of the team at InnovaDerma, I would like to thank Haris for his deep commitment, leadership and contribution to the business over the years. It is his entrepreneurial spirit which founded the business and he took InnovaDerma from a pre-revenue to a multi-brand business. He leaves behind a company in the best shape it has ever been and at the forefront of several product categories. We wish him all the best for the future," Bayer said.
Shares in Innovaderma were down 2.4% at 62.00 pence on Thursday in London.
By Dayo Laniyan; [email protected]
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