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(Alliance News) - ReNeuron Group PLC on Tuesday said its chief executive officer has left immediately, replaced by an executive chair.
The Bridgend, Wales-based stem cell and exosomes technology company said Catherine Isted stepped down as CEO with immediate effect on Tuesday, prompting the move of Non-Executive Chair Iain Ross to executive chair.
Ross has been on the board since 2021 and will lead a restructuring of the business, ReNeuron said.
It described Ross as an experienced industry executive, having led several successful biotech turnarounds, including recent examples such as Redx Pharma PLC and Silence Therapeutics PLC.
Ross has run the business as chair since February last year with support from then-chief financial officer Isted, after Olav Hellobo resigned as CEO following seven years in the role.
Tuesday's announcement marked Ross' appointment as executive chair, which means he will now run the business without Isted's support, who had been promoted to CEO in August.
Senior Independent Director Barbara Staehelin said: "We would like to thank Catherine for her contribution over the past 17 months, initially as CFO and more recently as CEO, and wish her well in the future. We are excited about the future of the company and are very grateful to Iain for agreeing to lead the company going forward."
ReNeuron said further announcements will be made in due course.
Shares in ReNeuron were up 0.1% to 8.80 pence each in London on Tuesday morning.
By Greg Rosenvinge, Alliance News reporter
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