(Alliance News) - Velocity Composites PLC on Wednesday said independent Non-Executive Directors Brian Tenner and Meera Parmar have stood down from the board with immediate effect.
In turn, two new independent non-executive directors, nominated by the founder shareholders, Andrew Beaden and Robert Soen, have been appointed to the board, also with immediate effect.
Founder shareholders are Jonathan Bridges, Gerard Johnson and Christopher Banks.
The engineering company said new directors will be responsible for identifying and carrying out a process to appoint a new independent chair, new permanent executive directors and, if required, an additional non-executive director.
In addition, new directors are expected to establish the interim constitution and roles to be held on the board and its various sub-committees.
Velocity said Beaden has most recently served as group finance director and a member of the board of Luxfer Holding PLC, a producer of engineered advanced materials, from 2011 to 2017.
Meanwhile, Soen has worked extensively in aerospace and automotive supply chains, ending his executive career as senior vice president supply chain in GKN Aerospace Services Ltd. Soen is currently a non-executive director of Nasmyth Group Ltd, a precision engineering and metal treatment business.
Velocity shares were trading 2.3% lower on Wednesday in London at 21.00 pence each.
Velocity Comp (VEL)