Versarien PLC has announced that its chief executive Neill Ricketts has resigned with immediate effect with management passing to the other executive directors supported by the advanced materials engineering group’s non-execs.
In its statement, Versarien said the board is considering the appropriate longer-term management structure of the company and will make a further announcement when appropriate.
Earlier this month, the graphene and engineering specialist warned it was facing challenging conditions and commercialisation of its products was taking longer than expected, which meant it posted a loss of £8.3mln for the 18 months to end-September 2022.
At that time, Versarien said it would also be streamlining the business, seeking grant funding and would need the support of investors to hit its commercialisation targets.