– UK, Cambridge – Xaar Plc (LON: XAR) today announced the following succession planning and other Board changes to align with recent business developments.
Following the announcement on 12 September of the proposed further investment in Xaar 3D by Stratasys, Ltd. and the announcement of the results of our strategic review of our Thin Film business today, the Board is announcing changes to its Board to ensure it has the appropriate management and cost structure in place for the next phase of Company development.
Having led to a conclusion the Thin Film strategic review and the next phase of the Stratasys 3D partnership, Doug Edwards, Chief Executive Officer, has worked with the Board to find a successor and, after five years with the Company, has informed the Board of his wish to leave to explore opportunities back in the USA where his home and family are located.
The Board is pleased to announce that it has appointed John Mills as CEO Designate. John joined Xaar in August 2019 as head of the Printhead Business Unit and will continue until 31 December 2019 in this role while at the same time preparing for the CEO role. John has extensive experience in the digital print market, having worked at Domino Printing Sciences and most recently was CEO of Inca Digital for five years to October 2018. To reflect his intended position, John joins the Xaar Board of Directors today.
Doug will hand over his CEO role to John on 31 December 2019 but will remain available to the Company until 31 March 2020 to ensure an orderly succession.
- Robin Williams, the Chairman, has been a Board member for over nine years, until October 2016 as Non-Executive Director, and has recently overseen the CEO succession planning and the Board approach to the strategic review. Now that these priorities are complete or in implementation, and as recommended by the UK Corporate Governance Code, he will provide continuity while the new CEO becomes established over the first part of 2020, but will step down from the Board following the announcement of the preliminary results for the year at the end of March 2020.
- Andrew Herbert, who has been Non-Executive on the Board since June 2016, has agreed to be appointed as Chairman on Robin’s retirement from the Board and will accordingly lead the Nomination Committee process for the recruitment of an additional Non-Executive Director to join the Board in due course.
- Shomit Kenkare has resigned his role as Chief Financial Officer and accordingly will leave the Company on 31 December 2019. A search for a replacement CFO has been initiated by the Nomination Committee and we will update on progress in due course. Shomit is based in the USA, and having supported the Board with its 3D and Thin Film strategic programmes, now wishes to pursue opportunities back in the USA.
- Margaret Rice-Jones, Senior Independent Director, has indicated that she will not seek re-election at the 2020 AGM and so will leave the Board at that time, in order to be able to focus on her other Non-Executive responsibilities. The Remuneration Policy will be presented at the 2020 AGM, with Margaret having led the completion of the new policy prior to the AGM.
Andrew Herbert and Chris Morgan’s continuing roles as Independent Non-Executives will ensure continuity across the commercial, financial and governance aspects of the Board agenda in the longer term.
For more information: https://www.xaar.com
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