Kromek Group updates its Corporate Governance

– UK, Sedgefield – Kromek, a radiation detection technology company focusing on the medical, security and nuclear markets, announces that the following Non-Executive Directors have agreed to step down with immediate effect:

  • Prof Max Robinson
  • Prof Brian Tanner
  • Ms. Charlotta Ginman
  • Mr. Peter Bains

Professor Max Robinson and Professor Brian Tanner will be the founding members of the Science Advisory Committee starting in early 2016 and continue to advise the Company in that capacity.

The reduction in the size of the Board reflects a major step in the Company’s objective of creating a more efficient, lean and focussed Board, which is best equipped to move the Company forward into the next stage of its development. As at today’s date, the composition of the Board is as follows:

  • Sir Peter Williams Chairman
  • Arnab Basu Chief Executive Officer
  • Derek Bulmer Chief Financial Officer
  • Lawrence Kinet Non-Executive Director
  • Dr Graeme Speirs Non-Executive Director
  • Jerel Whittingham Non-Executive Director

Sir Peter Williams has been appointed Chair of the Audit Committee and Jerel Whittingham will continue as Chair of the Remuneration Committee. Lawrence Kinet will continue in his role as Senior Independent Non-Executive Director.

Sir Peter Williams, Chairman of Kromek, said: “Kromek is entering a new chapter in its development and the Board changes reflect this. We thank Max Robinson and Brian Tanner for their 12 years of support and look forward to their continuing guidance as members of our Science Advisory Committee. The Board would also like to thank Charlotta Ginman and Peter Baines for the wise counsel and sage guidance they have provided and we offer them our best wishes for the future.”

Kromek Group plc is a UK technology company (global HQ in County Durham) and a leading developer of high performance radiation detection products based on cadmium zinc telluride (“CZT”). Using its core CZT technology, Kromek designs, develops and produces x-ray and gamma ray imaging and radiation detection products for the medical, security screening and nuclear markets.

The Group’s products provide high resolution information on material composition and structure and are used in multiple applications, ranging from the identification of cancerous tissues to hazardous materials, such as explosives, and the analysis of radioactive materials.

Kromek uses multiple technologies in its manufacturing processes, including the established methods of ‘liquid phase’ detector production, and also ‘vapour phase’ production methods, which allow the production of high quality, high performance detectors on an industrial scale. Kromek has an intellectual property portfolio of more than 250 pieces of IP.

The Group’s business model provides a vertically integrated technology offering to customers, from the growth of CZT crystals to finished products or detectors, including software, electronics and application specific integrated circuits (“ASICs”).

The Board believes that the vertical integration offered by Kromek, combined with the benefit of 25 years of research into CZT production and the patents and trade secrets accumulated by the Group, are unparalleled in the market place.

The Group has operations in the UK, Germany and the US (California and Pennsylvania), and is selling internationally through a combination of distributors and direct OEM sales.

Currently, the Group has over a hundred full-time employees across its global operations.

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