Nanoco Group plc (LON:NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials emanating from its technology platform, has announced changes to its Executive team and Board.
The Company has announced a number of significant achievements in recent months, including the launch and funding of the Company’s litigation against Samsung, good commercial progress and a successful over-subscribed £3.4m fund raising. The Board changes announced today create the right team to lead the Company in its new form, considering both the scale and commercial focus of the business and its governance requirements.
Dr Michael Edelman, currently the Group’s Chief Executive Officer (CEO), will step down from the Board with effect from 1 September 2020. He will remain available to the Company as a Special Advisor, reporting to the Group’s new Litigation Sub-committee, which will be chaired by Nanoco’s Non-Executive Chairman, Dr Christopher Richards.
Brian Tenner, currently Chief Operating Officer and Chief Financial Officer of the Group, will become CEO with effect from 1 September 2020. Brian joined the Group in August 2018 and has had a significant impact on the Group’s performance in his time with Nanoco, particularly in sharpening its commercial focus, providing people leadership in the UK and improving cost control. Brian will be supported by Nanoco’s highly capable leadership team. Liam Gray, currently Group Financial Controller, will take on additional finance activities as UK Finance Director and Company Secretary (a non-Board position) to allow Brian to focus on his CEO role and ongoing operational responsibilities.
At the same time, the Company confirms that all Board salaries will remain at reduced levels until 31 March 2021. Salaries were reduced by 35% for Non-Executive Directors and by 20% for Executive Directors with effect from 1 April 2020 as part of the Group’s response to the Covid-19 pandemic.
Dr Christopher Richards, Nanoco’s Non-Executive Chairman, commented:
“Nanoco has had an exceptionally busy year, culminating in substantial progress in recent months in respect of our litigation against Samsung and momentum in our commercial and financing activity which has significantly extended the Group’s cash runway until the end of 2022.
“This is to the credit of the executive team, led by Michael, Brian and Nigel Pickett our Chief Technology Officer. Having achieved these milestones, it is important that we now implement our existing CEO succession plan to match the size and shape of the Board to the more focused group Nanoco is becoming. I am confident that, as CEO, Brian will provide the right leadership for this next phase in the Company’s development.
“I am immensely grateful for Michael’s significant contribution during his many years at Nanoco, having led the business since September 2004, through its initial fundraising, spin out from the University of Manchester and IPO on the London Stock Exchange in 2009. We are fortunate to retain Michael’s services as a Special Advisor to the Group’s Litigation Sub-committee as we progress our litigation against Samsung.”
Dr Michael Edelman, Nanoco’s outgoing CEO, commented:
“It has been a great honour and pleasure being part of the development of the world-leading quantum dot player that Nanoco is today, working with such an incredibly talented team of entrepreneurs and scientists who have seen the Group germinate from an idea to a global player in this cutting-edge technology. Brian is an excellent successor as CEO and will have my continued support as well as the full support of all of our staff.
“I am also very pleased to be leaving the Group following the significant recent achievements, and I look forward to seeing through the Samsung litigation in an advisory role.”
