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(Alliance News) - Sondrel Holdings PLC on Wednesday said it intended to appoint John Chubb from the UK Ministry of Defence as chief executive officer designate.
The Reading, England-based semiconductor design services firm said Chubb currently serves as senior responsible officer in Core Delivery at Defence Equipment & Support within the UK Ministry of Defence.
As previously announced last week, Sondrel Interim CEO David Mitchard will assume the role of chair upon completion of the proposed subscription to raise GBP5.6 million.
This is alongside remaining interim CEO until Chubb joins Sondrel on July 18 and an orderly handover period has been completed.
"John is a highly experienced CEO having run businesses in IT, Communications, Energy and Construction, both domestically and across Europe. A fellow of the Institution of Engineering and Technology, he brings a wealth of expertise in business turnaround, cash development, strategic leadership and has an impressive track record of driving growth," the company said.
Sondrel said a further announcement in connection with Chubb's appointment to the board will be made in "due course".
Chair Nigel Vaughan said: "On behalf of the board, I'd like to thank David for his contribution to Sondrel since he assumed the position of interim chief executive in March. During this period, David has successfully implemented key elements of our transformation plan and, thanks to his hard work, the group is now on a stable footing. John has a long track record of delivering positive results for stakeholders and his wealth of experience will be invaluable."
Interim CEO Mitchard commented: "It has been a privilege to lead Sondrel over the past few months as interim CEO and I am pleased with the progress that we have made. I look forward to assuming the position of chairman in due course."
Shares in Sondrel were down 1.0% to 6.19 pence each in London on Wednesday afternoon.
By Greg Rosenvinge, Alliance News senior reporter
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