26th Jul 2019 15:20
(Alliance News) - Velocity Composites PLC on Friday appointed a new chair, while its acting chief executive has been re-appointed to the board.
The composite materials firm on Wednesday said both Andrew Beaden and Robert Soen would be joining as non-executive directors, replacing Brian Tenner and Meera Parmar.
Velocity Composites said at the time the new directors will be responsible for identifying a new chair, new permanent executive directors and, if required, an additional non-executive director.
However, Beaden has now been appointed non-executive chair, while acting CEO Jon Bridges, also a co-founder, has been re-hired to the board as an executive director.
Beaden commented: "I am delighted to have been appointed as non-executive chair in this exciting next stage of the company's growth and development. We have asked Jon Bridges to join the board, as it was clear to myself and Rob Soen, Jon's unique experience and position in the business provides critical insight and skills to the board, which are essential for Velocity, as we drive the business, which has so many business development opportunities, forward.
"Jon has been fundamental in the recent tie up with Wesco, which has the potential to be transformative for the company, in other customer relationships and in the company's plans to expand our operations in the US and Continental Europe."
It is important executive management is represented at board level from the start of this new phase in the company's history. Rob Soen's appointment as a non-executive director also significantly strengthens the board's industry expertise. Rob brings a wealth of experience in the composite aerospace sector and in supply chain management, which will benefit both Velocity and its investors," Beaden added.
This comes after a tussle between the previous board and founders Bridges, Christopher Banks, and Gerard Johnson, which saw former Executive Chair Mark Mills depart and former CEO Bridges become acting CEO.
Shares were 4.5% lower on Friday afternoon at 20.06 pence each.
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