EQTEC announces management handover with David Palumbo named as new CEO

Palumbo has been involved with the company for five years, was named commercial director in June and in August joined the board.

EQTEC PLC - EQTEC announces management handover with David Palumbo named as new CEO
David Palumbo will lead the gasification specialist

EQTEC PLC (LON:EQT) has announced a change at the top with Ian Price stepping down from his role as chief executive and director of the company with immediate effect.

Price is being replaced, also immediately, by David Palumbo and he will be assisted by Price will remain part of the company’s senior management team.

Palumbo has been involved with the company since 2014, first as an advisor, before becoming part of the management team with a June 2019 appointment as commercial director. He joined the EQTEC board in August.

He has introduced a number of significant stakeholders to the company.

"We are excited to welcome David as chief executive,” said Ian Pearson, EQTEC chief executive.

“His knowledge of and long relationship with the company, together with his strong and varied international experience make him ideally placed to realise the full benefits of the recent restructuring and continue to implement our clear strategy for growth in the highly attractive waste to energy market.”

Pearson added: "The board would like to thank Ian for his contribution as chief executive, overseeing the final stages of the integration of the transformational merger with Eqtec Iberia and the operational re-focus of the group's business.”

Palumbo, meanwhile, said: “I am delighted to have been appointed EQTEC's new CEO at what I know is a very exciting time for the group. 

“My focus will be on accelerating the strong foundation for growth, focusing on increasing sales from a lean organisation, continuing to optimise the capital structure of the company and establishing new funding structures for project finance. 

“With this in place, I believe the potential of the group's unique and highly compelling technology and portfolio of projects will be maximised."

Quick facts: EQTEC PLC

Price: 1.28 GBX

Market: AIM
Market Cap: £90.8 m

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