(Alliance News) - Inkjet technology firm Xaar PLC on Thursday said it has hired Ian Tichias as chief finance officer effective from the start of March.
He will be taking over from Shomit Kenkare who was hired in November 2018.
Kenkare's departure comes amidst news in late 2019 about the exit of other Xaar executives. John Edwards stepped down from the role of chief executive, while Robin Williams will be stepping down as chair at the end of March.
The departures came as Xaar reported a significantly widened interim loss for the six months ended June 30, 2019, with revenue diving 36% to GBP22.5 million from GBP35.3 million the previous year. The company a posted sharply widened interim pretax loss of GBP52.3 million from GBP1.2 million the year prior.
The company said the poor performance came as a result of its decision to close its thin film business which had become "unaffordable to continue".
New Chief Financial Officer Tichias is currently group finance director & deputy chief financial officer at brick maker Ibstock PLC. He was previously a senior director at animal medicine producer Zoetis. He also served as finance head for Pfizer Diversified Businesses UK.
"I am delighted that Ian will be joining Xaar as we lead the company into its next phase of development. His extensive financial experience alongside a fresh new perspective will add significant value," said Xaar Chief Executive John Mills, who was hired to replace Edwards in October.
Xaar shares were trading flat at 51.30 pence each on Thursday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Xaar (XAR)