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InnovaDerma CEO steps down

Kieran Callan will remain available to the company until August 31, while executive chairman Joe Bayer will serve as interim CEO

InnovaDerma PLC - InnovaDerma CEO steps down

InnovaDerma PLC (LON:IDP) said its chief executive Kieran Callan has stepped down from the position with immediate effect but will be available to the company until August 31 for any handover and to assist in any relevant matters.

The company said it has commenced a formal process to appoint a new CEO, while Joe Bayer will serve as interim CEO as well as executive chairman.

WATCH: InnovaDerma reports strong cash and 'resilient performance' during pandemic

InnovaDerma also said its financial controller Warren Dockary has been appointed as chief financial officer.

"The board and I would like to thank Kieran for his contribution and strategic insight over the past three years, first as a Non-executive Director then as a CEO when he was appointed in 2018. InnovaDerma is a strong business with a clear strategy, underpinned by a multi-channel approach with ecommerce being the most important factor for future growth.  We have agreed that now is the right time for a change of leadership in the group to implement that strategy and maximise the opportunities that lie ahead”, Bayer said.

"We are pleased to have appointed Warren to the role of Chief Financial Officer, and it is particularly pleasing to make this very well-deserved promotion from within the business.  Warren has deep knowledge of the business and his appointment strengthens our senior management team", he added.

Callan said: "It is a privilege to have worked at InnovaDerma and I leave behind an immensely talented team and a business which is resilient and delivering upon its strategic aims. We have developed our customer-centric and digital-led strategy that will guide the future of the business over the coming years and I feel it is the right time to step down and seek new challenges elsewhere.  The company is strongly positioned and I look forward to see it going from strength to strength."

InnovaDerma shares were 4.9% lower at 58.5p in mid-morning trading on Wednesday.

Quick facts: InnovaDerma PLC

Price: 56.5 GBX

LSE:IDP
Market: LSE
Market Cap: £8.19 m
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