Nanoco seeks new CEO as Brian Tenner tells board he’s leaving
Runcorn nanotech company Nanoco is on the hunt for a new CEO after Brian Tenner told the board of his intention to leave “to pursue new opportunities”.
Tenner has presided over a turbulent but momentous period for the business culminating in a massive $150m legal settlement with Korean industrial giant Samsung.
He will stay in role until a successor has been appointed and provide a period of handover and consultation and the company said in a surprise notice on the stock market this morning that a search is underway to identify a CEO with a proven track record of commercial success in the sector.
Chairman Chris Richards has reversed his decision to step down and will stay in role and provide continuity until a new CEO is in place.
Christopher Richards, Chairman of Nanoco Group plc, said: “The Board is grateful to Brian for leading the business through challenging times in which we achieved a number of significant milestones, not least the settlement of litigation with Samsung. The financial outcome allowed us to reward shareholders for their support with a return of capital but also underpinned a solid foundation for the future in the company’s strong cash position. A new CEO will be able to take the business forward on that basis and focus on further developing the company’s commercial traction. On behalf of everyone at Nanoco, the Board thanks Brian for his substantial contribution and wishes him and his family all the best for the future.”
Brian Tenner, CEO of Nanoco Group plc, said: “I have been honoured to lead the talented team at Nanoco while building the business for six years, first as COO and CFO and then as CEO. The transition to a period in which a successor can focus squarely on the commercial development of the company is a good moment to start the process of identifying the successful candidate and handing the baton on.”
Financially, Nonoco has faced challenges of its own, and told the markets last week that it expects its full year revenues will be marginally below consensus forecasts, while Adjusted EBITDA is likely to be towards the lower end of the range of market forecasts.
This is due to the University of Manchester spin-out failing to receive a further production order from a key customer during the 2024 financial year.
Nanoco develops materials used in the manufacture of monitors and TV screens and technologies for medical imaging and the early diagnosis of cancer.
But the consensus revenue forecast for Nanoco is £8.35m, while the Adjusted EBITDA analyst forecasts range from £0.5m to £1.5m. The group expects to announce its full year results on October 22, 2024.
Last week Nanoco launched a new wafer device facility, Fab, at its Runcorn headquarters today (July 17), making it only the second of its kind in the UK.
It said it is one of a few companies in the world that can develop nanomaterials at the volumes required for mass market consumer electronics applications.
Liverpool City Region Mayor, Steve Rotheram, attended the event in celebration of Nanoco’s status as a globally significant science-based business located in the region.
