SkinBioTherapeutics appoints interim CEO as investigation continues
SkinBioTherapeutics PLC on Monday announced Rachel Parsonage has been appointed as interim chief executive officer effective immediately as the life science firm tries to carve out a way forward from the suspension and resignation of its past CEO.
SkinBio shares were up 19% to 9.48 pence each on Monday afternoon.
Parsonage will serve for a period of six months and will also be part of the Newcastle, England-based company. She is currently running her own advisory consultancy firm, Alera Advisory, before having held various managerial positions at KMI Brands for 16 years.
The appointment comes as the firm tries to move past last month’s volatility caused by the abrupt suspension by the board, and then resignation, of its former CEO Stuart Ashman as the company launched an investigation into its own books.
The investigation, which is still ongoing, was started by suspicions that Ashman ‘misrepresented material information to the board, senior management, auditors and advisors’ when reporting the accrued royalty income, SkinBio said last month.
It added it will remove £770,000 from the results, and as such widen the operating loss to £1.5 million, below previous market expectations, while insisting it cash position was healthy.
The news caused shares to as much as 73% from 19.50 to 5.50 pence each between February 12 and February 20. They are still down 44% year to date.
The firm’s Executive Chair Martin Hunt said Parsonage’s background ‘matches our immediate requirements exactly; she has over 32 years in total in the consumer and wellness sector, with a clear track record of stabilising brands and companies, managing stakeholders including partners, and driving sales and intellectual property commercialisation’.
‘This appointment is one part of our plan to resolve the current issues as quickly as possible. With respect to the forensic investigation, we are balancing the thoroughness of an investigation within a clear cost-benefit framework, to remove any uncertainty around the business’ future. We want SkinBioTherapeutics to get back on track, move forward and focus on accelerating its growth again,’ he added.
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