(Alliance News) - Collagen Solutions PLC said on Wednesday it has decided to reduce the amount of executive directors on the board from eight members to six as it "enters next stage of growth".
The biomaterials and regenerative medicines manufacturer said following the decision, Lou Ruggiero, chief business officer, and Tom Hyland, chief operating officer, will resign from the board.
Collagen Solutions said Ruggiero's role with the company will remain unchanged, while Hyland will transition to a chief technical adviser role in a consulting capacity.
The company does not plan to backfill the chief operating officer position, Collagen Solutions noted.
Chair Chris Brinsmead said: "As the company is preparing for its next stage of growth the time is right to adjust to a slimmer, more efficient executive team and board."
Collagen Solutions shares closed untraded at 3.55 pence each on Wednesday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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