Shares in SkinBioTherapeutics PLC (AIM:SBTX, FRA:5KW) fell 27% to 14.3p on Friday after the AIM-listed skin health business said its chief executive, Stuart Ashman, had resigned following his suspension pending an investigation into his conduct.
The board said it had suspended Ashman while it examined matters relating to his conduct and that he had subsequently stepped down.
The company said it was undertaking a full investigation with the support of its professional advisers.
Martin Hunt, non-executive chair, will assume the role and responsibilities of executive chair on a temporary basis, supported by the rest of the board and leadership team to ensure continuity.
In a stock market statement, SkinBio said it had begun a search for an interim chief executive to be appointed as soon as possible and for a permanent successor in due course.
The company said it would update the market and shareholders in due course and that there would be no further comment at this stage.