9th Jun 2016 08:01
LONDON (Alliance News) - Intelligent Energy Holdings PLC on Thursday said its chief executive has stepped down as its refinancing and restructuring nears completion.
The company, which develops hydrogen fuel cell technologies, said Henri Winand has stepped down with immediate effect, as the company held its annual general meeting Thursday. Martin Bloom, a non-executive director, has stepped in as interim CEO.
Intelligent Energy added that non-executive director Phil Mitchell also will stand down from the board at the end of June.
In April, Intelligent Energy announced it would undertake a "material restructuring", cutting jobs and refocusing the business as it struggled to secure new financing. That financing came through in May, when the group agreed a USD30.0 million deal with shareholder Meditor Capital Management Ltd.
Intelligent Energy said the bulk of the restructuring is done, with further, smaller charges to be recognised in the second half.
The group said the changes had been made in anticipation of the refinancing and restructuring completing and added the group's remaining non-executive directors will reduce their fees to the levels in place prior to Intelligent Energy's listing in London in July 2014.
Intelligent Energy shares were up 2.0% to 14.41 pence Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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