Shares in Flowtech Fluidpower (AIM:FLO) fell 4.5% to 105.5p after the company said chief executive Bryce Brooks was stepping down after 13 years.
The technical fluid specialist said Mike England has been appointed group CEO with immediate effect, having most recently been group operations director at FTSE 250-listed RS Group PLC (LSE:RS1).
Flowtech said his "broad commercial experience, scale and knowledge will provide the next phase of leadership and expertise for Flowtech to realise the group's ambitious plans over the coming years".
Brooks will hand over his duties and remain available to the group in an advisory capacity, it added.
The company also announced results for 2022, showing a 5.2% increase in revenue to £114.8mln, while underlying operating profit rose 51% to £8.6mln as the business continued its recovery from the pandemic, but a loss before tax of £5.6mln after goodwill impairments and restructuring costs largely relating to the exit from a logistics centre.