LONDON (Alliance News) - Velocity Composites PLC, which provides kits to reduce waste from the composites supply chain, said Wednesday that Chief Executive Officer Jonathan Bridges will move to the newly-created role of chief technology officer, as the company reshuffled its board.
"The chief technology officer will be responsible for business development, the research and development department and on collaborations with large established companies in the Aerospace industry who could partner with Velocity as the company looks to expand into the global marketplace," the company explained.
Chief Financial Officer Alan Kershaw will leave the business but he will work company until a successor is identified.
Non-Executive Chairman Mark Mills will become executive chairman on an interim basis until a new CEO is appointed.
Finally, Meera Parmar joined the company as a non-executive director with immediate effect.
Shares in Velocity were trading up 2.95 at 41.16 pence each.
Velocity Comp (VEL)