11th Oct 2019 09:09
(Alliance News) - Inkjet technology firm Xaar PLC on Friday confirmed John Mills will assume chief executive role with immediate effect.
Stepping down is Doug Edwards. Xaar said in late September Edwards would be stepping down by the end of 2019, and Mills, previously head of Xaar's printhead unit, had been lined up the replace him.
Xaar also said at the time Chair Robin Williams and Chief Financial Officer Shomit Kenkare will be leaving at the end of March 2020 and the end of 2019 respectively. Williams was replaced by Non-Executive Director Andrew Herbert, and a search for Kenkare's replacement is ongoing.
The executive exodus came as the firm reported a significantly widened interim loss for 2019, with revenue slumping 36%. Xaar booked a GBP39 million impairment due to the close of its thin film business, which it had to close after failing to find any outside investment.
Xaar shares were 5.9% higher on Friday morning in London at 50.84 pence each, just under a third of where they were a year ago.
By George Collard; [email protected]
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