The information contained within this
announcement is deemed by Hardide to constitute inside information
pursuant to Article 7 of EU Regulation 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 as amended.
8 February 2024
Hardide plc
("Hardide", "the
Group" or "the Company")
Interim
CEO appointment
Hardide plc (AIM: HDD), the provider
of advanced surface coating technology, is pleased to announce
the appointment of Stephen (Steve) Paul as Interim Chief Executive
Officer with effect from 12 February 2024. Steve will succeed
Philip (Phil) Kirkham who, as announced on 1 November 2023, is
stepping down after leading the Company for over 11
years.
Steve had a successful 30-year
international career in various managing director, commercial
development and performance improvement roles for the leading
global surface treatment business, Praxair Surface Technologies,
now part of the Linde Group. Since 2018, Steve has led his own
consultancy business, Sketchley GmbH, where he has advised a number
of coatings companies, including Hardide, on strategic, business
development and operational improvement projects. Steve has a
Master's degree in Metallurgical Engineering from the University of
Sheffield.
Steve has been working with Hardide
for a number of months already on the development of sales of
coated consumable parts to be supplied direct to end use customers.
Steve will serve as CEO and join the Board of Hardide for an
interim period of up to six months, after which it is intended he
will continue to work with the Group on further international
business development opportunities.
Accelerating revenue growth, with a
focus on near-term sales potential for increased regular base load
business is a key to the delivery of Hardide's strategy. Steve's
appointment to this role will help drive this strategy forward,
building on the foundations laid by Phil, ahead of the expected
appointment of a permanent CEO later in the year.
Andrew Magson, Non-Executive Chair,
commented:
"We are delighted that Steve Paul is
joining us as interim CEO. His broad leadership and commercial
experience in the surface treatment industry will be invaluable to
Hardide as we refine and focus our strategy to accelerate revenue
growth, whilst helping realise a number of exciting near-term sales
opportunities that Steve is already working on with
us.
"Everyone at Hardide is extremely
grateful to Phil Kirkham for his strong leadership of the Group
over many years. He has built an excellent platform for growth. We
all wish Phil well for the future.
"I am pleased that the process of
recruiting a new permanent CEO for Hardide has identified a number
of talented individuals who, like Steve, share the Board's belief
in the exciting opportunities to further commercialise Hardide's
unique coatings technology and the potential for the Group to
generate significant value for all stakeholders over the medium to
longer term."
Stephen John Paul
(Age 60)
Current Directorships:
· Sketchley
GmbH.
Past Directorships in the last 5
years:
· None
Stephen Paul does not own any
ordinary shares or options over ordinary shares in the
Company.
There is no further information
on Stephen
Paul required
to be disclosed under Schedule Two, paragraph (g) of the AIM Rules
for Companies.
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Enquiries:
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Hardide
plc
Andrew Magson, Non-Executive Chair
Jackie Heddle, Communications
Manager
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Tel: +44 (0) 1869 353
830
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IFC
Advisory
Graham Herring
Tim Metcalfe
Florence Chandler
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Tel: +44 (0) 20 3934
6630
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Cavendish
Capital Markets Ltd - Nominated Adviser and Joint
Broker
Henrik Persson/ Abigail Kelly
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Tel: +44 (0) 2072 200
500
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Allenby
Capital - Joint Broker
Tony Quirke/ Joscelin Pinnington - Sales and
Corporate Broking
Jeremy Porter/ Dan Dearden-Williams - Corporate
Finance
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Tel: +44 (0) 20 3328
5656
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Notes to
editors:
www.hardide.com
Hardide develops, manufactures and applies
advanced technology tungsten carbide/tungsten metal matrix coatings
to a wide range of engineering components. Its patented technology
is unique in combining in one material, a mix of toughness and
resistance to abrasion, erosion and corrosion; together with the
ability to coat accurately interior surfaces and complex
geometries. The material is proven to offer dramatic improvements
in component life, particularly when applied to components that
operate in very aggressive environments. This results in cost
savings through reduced downtime and increased operational
efficiency as well as a reduced carbon footprint. Customers include
leading companies operating in the energy sectors, valve and pump
manufacturing, industrial gas turbine, precision engineering and
aerospace industries.