Nanoco appoints new CEO, delays financial results.
- Dmitry Shashkov replaces Brian Tenner with immediate effect.
- Shashkov brings over 20 years of experience in technology.
- The Board states commitment to maximising shareholder value.
- FY24 results expected in November, unchanged forecast.
Nanoco Group PLC has announced the appointment of Dmitry Shashkov as its new Chief Executive Officer, succeeding Brian Tenner. Tenner, who steps down, will continue with the company to ensure a smooth transition. This leadership change is pivotal as Nanoco embarks on a strategic review of its operations and potential future directions.
Shashkov, noted for his remarkable leadership in technology-driven businesses, steps into his role with immediate effect. Boasting over two decades in managing companies within electronics and biomedical sectors, Shashkov has considerable expertise in advanced materials and significant exposure to various tech industries, including semiconductors and medical devices. His tenure as CEO of the CPS Group saw revenues triple and profitability increase four-fold before its acquisition by a strategic investor.
Shashkov expressed enthusiasm over his new appointment, stating, “I am truly excited to join the Nanoco team. I was impressed with Nanoco’s technology and their high-volume manufacturing capabilities. Moreover, the commitment from the Board to maximise shareholder value was apparent, which aligns with my vision for steering the company forward.”
Chris Richards, Nanoco’s non-executive chairman, endorsed Shashkov, highlighting his successful track record in materials science and business transformation. Richards also praised Brian Tenner for his significant contributions, including the resolution of litigation with Samsung and securing the company’s inaugural commercial order.
Nanoco has postponed the release of its full-year financial results to 20 November 2024, owing to ongoing strategic reviews and the management transition. Despite the delay, the company assures that the financial projections remain unchanged, with revenues and earnings anticipated to align with consensus forecasts. The fiscal outlook for 2024 predicts revenues of £7.9 million and an adjusted EBITDA of £0.6 million.
In summary, Nanoco’s strategic changes under new leadership aim to steer the company towards enhanced shareholder value.
