Zytronic plc announced the appointment of new Independent Non-executive Directors ("INEDs") in order to improve the balance of Board independence in recognition of QCA Corporate Governance Code (the "QCA Code") guidelines, after the departure of the previous non-Executive Chair at the start of the FY23 fiscal year due to ill health. The Board continues to review strategies for future growth and improved shareholder value and expects to appoint recruitment agents to support its INED search in support of these goals once these are further defined and the optimal skill sets to support their delivery are identified.
Notwithstanding this on-going process, the Board has agreed that it is in the best interests of the Group that Mark Cambridge is able to solely concentrate on its operational requirements. To facilitate this, he will step down as Acting Executive Chair at the conclusion of the AGM and resume his prior role of CEO, with Mark Butcher (INED) being appointed to the position of Interim Non-executive Chair. The Company will update its Corporate Governance Statement on its website shortly, to reflect this change, while Mark Butcher's appointment as Chair means he would not ordinarily be expected to chair the audit and remuneration committees, this is a current practical necessity and will be resolved on the appointment of a further suitable INED or INEDs.