Hydrodec Group plc announced that Ian Smale will step down as chief executive officer (CEO) by mutual agreement effective Dec. 4. Chris Ellis, currently chief financial officer (CFO), will serve as acting CEO for an initial term of up to six months. In the near term, he will undertake both roles of acting CEO and CFO.
Ellis is a qualified chartered accountant and has more than 20 years’ board level finance and management experience of running a range of large, complex international businesses as well as small and medium sized ventures, including a significant period within GE Capital.
The company also announced that Caroline Brown will assume the role of senior independent director, also effective Dec. 4, having joined the company as an independent non-executive director and chair of the Audit Committee on Sept. 23. Brown will support Ellis in ensuring the financial function is appropriately managed and monitored.
“The ongoing ramp-up to full operations in Canton coupled with the recently announced long-term funding are a platform for a strong focus on operational delivery and the next phase in the company’s development. The Board is grateful for Ian’s leadership through the recent difficulties which we believe are now behind us,” said Chairman Lord Moynihan.
“2016 will be an important year for Hydrodec. With our Canton plant in production, the focus is on production and sale of transformer oil into the U.S. market as this represents the key generator of cash in the company portfolio. We remain confident that the rebuilt and expanded plant has a unique market proposition and is well placed in 2016 to leverage the production of the highest quality transformer oil produced in the U.S.”
Hydrodec Group plc is a re-refining group with operations in the U.S.A., Australia and UK. Hydrodec intends to develop the UK’s first purpose-built used oil re-refinery producing Group II/II+ base oils by the end of 2017.