- Chief Executive Officer of AnteoTech (ADO) Derek Thomson is resigning
- Mr Thomson will serve his six month notice period alongside Executive Director, Christopher Parker
- The company’s board is beginning its search for a suitable replacement
- Mr Parker has considerable grasp of the company and is receiving a monthly $21,000 payment to undertake his expanded duties
- AnteoTech shares were unchanged at 9.7 cents early today
AnteoTech (ADO) Chief Executive Officer Derek Thomson will step down from the role after a six-month notice period.
Over this period, Mr Thomson will work with Executive Director, Christopher Parker, and the management team to continue advancing the commercial activities in the company’s Life Sciences and Energy divisions.
Mr Thomson was appointed Chief Executive Officer in 2019 and he has led the company through a period of considerable growth and development. The AnteoTech board expressed its gratitude for his contribution and commitment to serving out his notice period at what it described as a critical time in AnteoTech’s history.
AnteoTech Chairman Dr Jack Hamilton said: “Since he joined AnteoTech in mid 2019, the company has experienced considerable growth and its operations have diversified considerably, thanks to the work he and the senior leadership team have undertaken.
“The board is committed to ensuring it secures a suitably experienced CEO candidate (who) can successfully drive commercialisation of our technology and capitalise on the progress made to date.”
The board has started the search for an experienced Chief Executive Officer to step in.
The company said Mr Parker has considerable grasp of the AnteoTech business having been CEO between April 2018 and May 2019 and then an Executive Director until November 2019 when he was appointed as a Non-Executive Director. He is now actively involved in supporting Mr Thomson in ensuring critical streams in both divisions remain on track.
The company’s board has agreed to a payment of up to $21,000 a month for Mr Parker to undertake his expanded duties.
AnteoTech is a surface chemistry company with intellectual property in its trademark technology products AnteoCoat, AnteoBind and AnteoRelease.
AnteoTech shares were unchanged at 9.7 cents in early trade.