InnovaDerma PLC (LON:IDP) has announced that, as planned, Joe Bayer will step down from his executive chairman role to become the group's non-executive chairman with immediate effect and has notified the board that he will resign as a director with effect from January 31, 2021.
The UK developer of beauty, personal care and life science products said Bayer, previously the firm's interim CEO, will remain an employee of the group until May 31, 2021, to ensure an orderly handover of responsibilities.
It added that the board will appoint a non-executive chairman in line with the UK Corporate Governance Code.
READ: InnovaDerma appoints new CEO with a track record of defining strategies for hair and skin products
InnovaDerma noted that it recently appointed Blake Hughes as CEO, bringing significant experience in the beauty and personal care sectors, while the addition of Mark Ward and the proposed appointment of Simon Pyper added digital and marketing expertise.
The group said its board has made considerable progress in strengthening its composition, ensuring it has the right skills set and experience to drive future growth, particularly through digital channels.
In a statement, Joe Bayer commented: "It has been a pleasure to serve firstly as an Executive Director, and then Chairman, of InnovaDerma, overseeing its early years as a private start up business through to a publicly listed company with a strong stable of brands and a growing international presence. My thanks go to all our people whom I am immensely proud of and the team culture which has helped support the growth of the business over the past six years.
"I feel now is the right time for me to step down and I am confident the business is in excellent hands to ensure its continued success for the benefit of all stakeholders."
Ross Andrews, a non-executive director of the company, added: "It has been a privilege to work with Joe as a fellow Board member. He has played a key role in shaping and growing the business and we have gained enormously from his leadership, unwavering principles and passionate commitment to InnovaDerma. We are grateful to him and on behalf of the team I thank him for his contribution to the business and wish him the very best for the future."
The Skinny Tan and Roots personal care brands announced the appointment of Blake Hughes as CEO on November 18, with Bayer moving to be executive chairman then. Previously, Hughes held the roles of CEO and chief marketing officer of Philip Kingsley, the premium hair care group.