TIDMKMK
RNS Number : 5443D
Kromek Group PLC
29 October 2020
29 October 2020
Kromek Group plc
("Kromek" or the "Group")
Directorate Change
Kromek (AIM: KMK), a worldwide supplier of detection technology
focusing on the medical, security screening and nuclear markets,
announces that Mr Derek Bulmer, the current Chief Financial Officer
and In-House Counsel, will step down from this role and as a
Director of the Group on 31 October 2020. The Board carries out
regular and routine succession planning for senior positions,
involving both internal and external potential candidates, and Mr
Bulmer had indicated his wish to explore possible opportunities
outside the Group, after an appropriate handover period with a
successor. Whilst disappointed to see Mr Bulmer step down, Kromek
is very pleased to announce the appointment of Mr Paul Farquhar as
Chief Financial Officer and a Director of the Group with effect
from 2 November 2020.
Mr Farquhar, aged 58, is a Chartered Accountant with almost 30
years' experience as a finance director and chief financial
officer, primarily for international businesses. This includes 10
years as Vice President, Treasurer and Chief Financial Officer of
Sevcon Inc, which was a NASDAQ-listed designer, manufacturer and
supplier of microprocessor controls for electric and hybrid
vehicles through wholly-owned subsidiaries in Europe, North America
and Asia and via an international dealer network. Alongside his
day-to-day responsibilities as the CFO of a public company, Mr
Farquhar oversaw the raising of equity and debt finance and M&A
activity. This included the acquisition of a private Italian
battery charger manufacturer and the formation, and subsequent
successful buy-out, of a joint venture in China. He also
established a global finance team in five countries with common
financial reporting systems to meet the needs of a growing
technology business. During this period, Mr Farquhar oversaw an
increase in the Sevcon market value from $50m in 2010 to $200m in
2017 when the company was acquired by BorgWarner Inc.
More recently, since leaving Sevcon in 2017, Mr Farquhar has
supported a number of SMEs as Finance Director and he is a
Non-Executive Director of several community organisations in the
North East of England, including City Hospitals Independent
Commercial Enterprises Ltd, which is a subsidiary of South Tyneside
and Sunderland NHS Foundation Trust that provides services to South
Tyneside Hospital and City Hospitals Sunderland. Mr Farquhar began
his career as a chartered accountant, spending 10 years as an
auditor at Jennings Johnson in Sunderland and at
PricewaterhouseCoopers in Newcastle and Lisbon, Portugal.
Sir Peter Williams CBE, Chairman of Kromek, said: "It is a
measure of our growing reputation as a business that we are able to
attract high-quality people to Kromek, and I am delighted to
welcome Paul to our Board as CFO. He brings a wealth of experience,
having successfully grown a listed business, and is a great
addition to our already strong management team. His abilities in
establishing global finance teams, equity and debt financing as
well as M&A activity, have been well demonstrated throughout
his career and we look forward to working with him and to
benefitting from his experience."
"I would also like to take this opportunity to extend my sincere
thanks to the outgoing CFO, Derek Bulmer, for his enormous
contribution to the business. As a key member of the senior
management team, his work has been integral to Kromek's success to
date. He was instrumental in the acquisition of our key US
subsidiary and, subsequently, our listing on the London Stock
Exchange. Derek has also built robust financial systems and, in
addition, he has been heavily involved in the commercial life of
the Company, internationally as well as in the UK. His efforts
during the challenging times of the ongoing Covid pandemic have
been greatly appreciated by the Board and it has been my privilege
to work alongside him during my time as Chairman. We wish him every
success for the future."
Paul Farquhar, incoming CFO, said : "I am delighted to have been
appointed CFO of Kromek. The Group has a significant presence in a
number of high-growth end-markets and a leading position globally
in the manufacture and supply of CZT-based products and solutions.
It is great to be joining this fantastic business at such a pivotal
time in its development and to take over the baton so expertly
carried by Derek. I look forward to working alongside Arnab and the
rest of the management team to deliver on our strategic objectives
and create value for all shareholders."
Derek Bulmer, outgoing CFO, said: "I have truly enjoyed over a
decade of working with the team at Kromek. The Group has a pool of
extraordinarily talented people and a vast array of technology and
products to meet some of the world's most critical problems. I
would like to take this opportunity to thank the colleagues with
whom I have had the pleasure of working and who have provided so
much inspiration. I am incredibly proud of what we have achieved
together - from raising equity financing for growth and development
of the technology to the expansion into the US and internationally.
I leave the finances of the business in the very capable and
experienced hands of Paul in order to seek opportunities where I
can use my experience and expertise to work with other companies
who have interesting technologies and ambitious plans. "
Other than as set out below, there are no other matters required
to be disclosed pursuant to paragraph (g) of Schedule Two to the
AIM Rules for Companies as regards Paul's appointment. Paul Neil
Farquhar does not hold any shares in the Group.
Regulatory disclosures:
Current directorships Directorships in the past 5
years
City Hospitals Independent Commercial Paul Farquhar Consulting & Advisory
Enterprises Ltd Ltd
-------------------------------------
Northern Lights Learning Trust Sevcon Ltd (now BorgWarner Gateshead
Limited)
-------------------------------------
Community Foundation Serving Sevcon Inc (now Borg Warner
Tyne and Wear and Northumberland Inc)
-------------------------------------
Tyne & Wear Foundation Ltd Industrial Capacitors (Wrexham)
Ltd (now BorgWarner Wrexham
Limited)
-------------------------------------
The FD Centre Limited
-------------------------------------
Mr Farquhar was a director of the Team Valley Links Community
Interest Company between 2012 and 2015, which was the subject of a
solvent members' voluntary liquidation in 2015 following the
withdrawal of funding by the local council.
For further information, please contact:
Kromek Group plc
Sir Peter Williams, Chairman
Arnab Basu, CEO +44 (0)1740 626 060
Cenkos Securities plc (Nominated Adviser
and Broker)
Max Hartley (NOMAD)
Julian Morse (Sales) +44 (0)20 7397 8900
Luther Pendragon (PR)
Harry Chathli
Claire Norbury
Alexis Gore
Joe Quinlan +44 (0)20 7618 9100
About Kromek Group plc
Kromek Group plc is a technology group (global HQ in County
Durham) and a leading developer of high performance radiation
detection products based on cadmium zinc telluride ("CZT") and
other advanced technologies. Using its core technology platforms,
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.
The Group's business model provides a vertically integrated
technology offering to customers, from radiation detector materials
to finished products or detectors, including software, electronics
and application specific integrated circuits ("ASICs").
The Group has operations in the UK and US (California and
Pennsylvania), and is selling internationally through a combination
of distributors and direct OEM sales.
Currently, the Group has over one hundred full-time employees
across its global operations. Further information on Kromek Group
is available at www.kromek.com and
https://twitter.com/kromekgroup .
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