("InnovaDerma" or the "Company")
InnovaDerma (LSE: IDP), a UK developer of life sciences, beauty and personal care products, today announces that Haris Chaudhry, the Executive Chairman, has informed the Board of his decision to leave the Company with immediate effect. Haris Chaudhry is departing for personal reasons and to pursue other interests.
The Board has agreed that with immediate effect, Haris Chaudhry will resign as Executive Chairman and relinquish his responsibilities but remain available to the Company to ensure the orderly handover and continued smooth running of the Life Sciences business, for which he had responsibility.
Joe Bayer, Finance Director and Executive Director of the Company, has been appointed Executive Chairman with immediate effect. Joe Bayer joined the Company as a Non-executive Director and an initial investor in 2014. In 2015 he was appointed Finance Director and Executive Director. Joe has more than three decades of international consumer and healthcare experience in senior executive positions. He will continue to oversee the finance function of the business and the Company will review the role of Finance Director and transition the role to a suitable candidate in due course. The Company currently has two non-executive directors and will look to broaden the board composition to ensure it has the right expertise and balance to maintain the continued success of the business and implement the next stage of growth.
As announced in the Company's trading statement yesterday, InnovaDerma continues to trade in line with market expectations. For the first four months of the new financial year, revenues were 38% higher compared with the same period last year, underpinned by strong performances across our topical brands and Prolong, both in retail stores and through our growing DTC channels. The Company will launch a new skin-care related category with Superdrug across all c.800 of its stores in H2 of FY 2020.
Joe Bayer, Executive Chairman of InnovaDerma, said:
"On behalf of the team at InnovaDerma, I would like to thank Haris for his deep commitment, leadership and contribution to the business over the years. It is his entrepreneurial spirit which founded the business and he took InnovaDerma from a pre-revenue to a multi-brand business. He leaves behind a company in the best shape it has ever been and at the forefront of several product categories. We wish him all the best for the future."
Haris Chaudhry, said:
"I am very proud of everything the team at InnovaDerma has achieved. Since I started the Company in 2013, the business has gone from strength to strength achieving profitable growth year after year. The business is maturing and I believe that the time is now right for me to pursue more entrepreneurial opportunities. I would like to thank the fantastic team at InnovaDerma and wish them the very best for the future."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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