Collagen Solutions PLC’s (LON:COS) chief operating officer and chief business officer have joined the regenerative medicines group’s board with immediate effect.
COO Tom Hyland joined Collagen in 2014 and has recently provided oversight of the firm’s development business and the reconfiguring its Glasgow operation. Lou Ruggiero joined as CBO back in April to focus on speed of delivery and execution within the commercial arena.
READ: Collagen on track to hit full-year targets
“We are delighted that Lou and Tom are joining the board. Between them they have a wealth of experience which we believe will help us deliver on our strategic goals and take us to the next level of growth,” said chairman David Evans.
Having joined the board, Hyland has been granted options over 1.5mln shares which can be exercised at today’s market price once the stock hits 10p as long as Collagen delivers sustainable positive cash flows from operations for at least six consecutive monthly periods.
In a separate announcement, Collagen confirmed it has tweaked the performance conditions for some outstanding share options to put them in line with the requirements for newer board members.
“As a result of the changes to the management team and board over time there was a significant misalignment in option incentivisation between the newer appointees and those appointed earlier,” said Evans.
“The Remuneration Committee is aware of the need to provide a balance between potential shareholder returns with adequate incentivisation and is of the view that the new targets set in relation to cash flow positivity and share price enhancement strike the right balance for the business going forward.”