REG - Accsys Technologies - Directorate Appointments

Accsys TechnologiesAnnouncement

24/03/2023 07:00

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RNS Number : 0785U  Accsys Technologies PLC  24 March 2023

AIM: AXS

Euronext Amsterdam: AXS

 

24 March 2023

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

Accsys Technologies PLC

("Accsys", the "Group" or the "Company")

 

Directorate Appointments

 

 

Appointment of Chief Financial Officer

 

Accsys, the fast-growing and eco-friendly company that combines chemistry and
technology to create high performance, sustainable wood building products, is
pleased to announce that Steven Salo has been appointed Chief Financial
Officer and a member of the Board of Accsys, with effect from 1 April 2023.

Steven, a chartered accountant, brings significant experience in senior
financial leadership roles, executing high-value corporate and business
development transactions, and driving and shaping businesses for profitable
growth.  His experience includes substantial construction and engineering
work.  Most recently, Steven was Group Chief Financial Officer at Depa PLC, a
publicly listed interior manufacturing, construction and assembly firm
headquartered in Dubai providing interior construction services and joinery
manufacturing for contractors in the Middle East, Africa, Asia and Europe.
During his six-year tenure he supported the business and its major business
units through periods of restructure and growth.  Steven was also interim CEO
of Design Studio Group Ltd from 2019 to 2021 and prior to joining Depa was
Head of Strategy, Corporate Development and M&A at Arabtec Holding PJSC.

Together with a strong track record as a finance leader, Steven formerly
worked in investment banking for both Citigroup and Dresdner Kleinwort
Wasserstein and began his career at PwC in Australia.

William Rudge will continue at Accsys for a further period of up to the end of
April, so that an orderly handover can be effected.

Appointment of Executive Chairman

 

Further to the announcement made on 12 December 2022, Accsys continues to make
good progress on the search for a new Chief Executive to succeed Rob Harris,
who will leave the business, as planned, on 31 March 2023.  In order to
provide Accsys with continuity whilst the search process continues, Stephen
Odell, Chairman of the Board of Directors, will assume the role of Executive
Chairman of Accsys on an interim basis from 1 April 2023 until a permanent
Chief Executive is appointed. Stephen has significant global executive
experience through 38 years with Ford Motor Company where he held senior
management roles across North America, Europe and Asia.

Stephen Odell, Chairman, commented:

"On behalf of the Board, I am very pleased to welcome Steven to Accsys.
Steven's background as an international Group CFO with experience focused on
driving improvement in financial fundamentals will be highly beneficial to
Accsys as we enter our next growth phase.  I would also like to thank Will
Rudge for staying on to support Accsys and transition his responsibilities to
Steven and wish him all the best with the next step in his career.

I am stepping into the role of Executive Chairman on an interim basis as we
progress our CEO search process, and I look forward to working with our
dedicated and talented employees across the Group in an executive capacity."

 

The following disclosures are required regarding Steven Salo's appointment
pursuant to Schedule 2 paragraph (g) and Rule 17 of the AIM Rules for
Companies:

Full name: Steven James Salo

Age: 42 years

Current Directorships: Berkshire Nannies Limited

 

Directorships held in the past five years:

Depa (UK) Limited

Design Studio Group Ltd((1))

Design Studio Asia Pte Ltd((2))

DSG Manufacturing Singapore Pte Ltd((3))

DSG Asia Holdings Pte Ltd((4))

DSG Projects Singapore Pte Ltd((5))

Design Studio (China) Pte Ltd

Design Studio Lanka (Private) Limited

DS Project Management Sdn Bhd((6))

DSG Manufacturing Malaysia Sdn Bhd((6))

DSG Projects Malaysia Sdn Bhd((6))

DSG Projects Myanmar Ltd((7))

Depa Hungary Kft

Depa Germany Verwaltungs GmbH

Depa USA Holding Co.((8))

El Diar 2

Depa Mauritius

Depa Hotels SAE

Pino Meroni Wooden and Metal Industries SAE

Lindner Middle East LLC

Lindner Depa Interiors LLC

Depa Industrial Group Maroc

Depamar SARL

Jordan Wood Industries Co

 

Other: Arabtec Capital Limited((9))

 

Notes:

 

1. Design Studio Group Ltd ("Design Studio Group") commenced a compulsory
liquidation (insolvency) and voluntary creditor winding-up process in 2021 and
delisted from the Singapore stock exchange in 2022. During a period of
difficult trading leading up to 2019, Steven joined the board of Design Studio
Group (where Depa PLC was a majority shareholder) as a non-executive director
in 2019 and then became interim CEO for the period 2019-2021 to assist with
the restructuring. The liquidation process for Design Studio Group is ongoing.

 

2. Design Studio Asia Pte Ltd is a subsidiary of Design Studio Group in
Singapore and is subject to an ongoing liquidation process via a creditor
voluntary winding-up process.

 

3. DSG Manufacturing Singapore Pte Ltd is a subsidiary of Design Studio Group
in Singapore and is subject to an ongoing liquidation process via a creditor
voluntary winding-up process.

 

4. DSG Asia Holdings Pte Ltd is a subsidiary of Design Studio Group in
Singapore and is subject to an ongoing liquidation process via a creditor
voluntary winding-up process.

 

5. DSG Projects Singapore Pte Ltd is a subsidiary of Design Studio Group in
Singapore and is subject to an ongoing liquidation process via a creditor
voluntary winding-up process.

 

6. DS Project Management Sdn Bhd, DSG Manufacturing Malaysia Sdn Bhd and DSG
Projects Malaysia Sdn Bhd are Malaysian subsidiaries of Design Studio Group.
All three are active and DSG Projects Malaysia Sdn Bhd is under judicial
review (a form of creditor moratorium) as the Design Studio Group winding-up
process is ongoing.

 

7. DSG Projects Myanmar Ltd was a subsidiary of Design Studio Group in
Mayanmar and has ceased trading with operations suspended given geo-political
difficulties in the region.

 

8. Depa USA Holding Co. was a subsidiary of Depa plc in the USA and was
dissolved in 2021 via a members voluntary liquidation.

 

9. Arabtec Capital Limited was a Dubai subsidiary of Arabtec Holding PJSC
which was a dormant company and wound-up via an orderly liquidation in 2015.
Steven was on the board of Arabtec Capital Limited at this time.

 

There are no other matters in relation to the appointment of Steven Salo which
are required to be disclosed in accordance with the AIM Rules for Companies.

 

Ends

The appointment of Stephen Odell as Executive Chairman comprises inside
information for the purposes of EU MAR and UK MAR. The person responsible for
making this announcement is Nick Hartigan, General Counsel and Company
Secretary, Accsys Technologies PLC.

 

For further information, please contact:

 Accsys Technologies PLC                         +44 (0) 7783 776080

Katharine Rycroft, Head of Investor Relations
 Numis Securities (London)                       +44 (0) 20 7260 1000
 Oliver Hardy (NOMAD), Ben Stoop
 Investec Bank plc (London)                      +44 (0) 20 7597 5970
 Carlton Nelson, Alex Wright

                                               +31 20 344 2000
 ABN Amro (Amsterdam)
 Richard van Etten, Dennis van Helmond
 FTI Consulting (UK)                             +44 (0) 20 3727 1340

Matthew O'Keeffe, Alex Le May
 Off the Grid (The Netherlands)                  +31 681 734 236

Frank Neervoort, Yvonne Derske

 

Notes to editors:

 

Accsys (Accsys Technologies PLC) is a fast-growing business with a purpose:
changing wood to change the world. The company combines chemistry, technology
and ingenuity to make Accoya(®) wood and Tricoya(®) wood elements:  high
performance wood products that are extremely durable and stable, opening new
opportunities for the built environment and giving the world a choice to build
sustainably. Accsys transforms fast-growing, certified sustainable wood into
building materials with an up to 50-year warranty, locking carbon stored in
the wood into useful products for decades, with performance characteristics
that match or better those of non-renewable, resource-depleting and polluting
alternatives.  Accsys is listed on the London Stock Exchange AIM market and
on Euronext Amsterdam, under the symbols 'AXS'.  Visit www.accsysplc.com
(http://www.accsysplc.com)

Accoya(®) solid wood is sustainable, durable, and stable with exceptional
performance, finish and sustainability. Accsys' proprietary acetylation
process makes the wood more dimensionally stable and because it is no longer
easily digestible, extremely durable. It is one of very few building materials
to be Cradle to Cradle Certified™ at the Gold level, with a Platinum rating
for Material Health, confirming that no harmful or toxic additives or
chemicals are present to leach out into the environment. Primary applications
for Accoya(®) wood include windows, doors, cladding and decking, where the
combination of performance and sustainability benefits compete favorably
against hardwoods, plastics, metals and concrete. Visit www.accoya.com
(http://www.accoya.com)

Tricoya(®) acetylated wood elements are produced for use in the fabrication
of panel products such as medium density fibreboard (MDF). Panel products made
with Tricoya(®) wood elements are truly durable and stable enough for use
outdoors and in wet environments, unlocking new possibilities for design and
construction. They have been lauded as the first major innovation in the wood
composites industry in more than 30 years and bring the flexibility of
traditional panel products and sustainability benefits of wood to a whole new
range of applications. Visit www.tricoya.com (http://www.tricoya.com)

Any references in this announcement to agreements with Accsys shall mean
agreements with either Accsys or its subsidiary entities unless otherwise
specified. 'Accsys' and 'Accsys Technologies' are trading names of Titan Wood
Limited ("TWL"), a wholly-owned subsidiary of Accsys Technologies PLC.
Accoya(®), Tricoya(®) and the Trimarque Device are registered trademarks
owned by TWL, and may not be used or reproduced without written permission
from TWL, or in the case of the Tricoya(®) registered brand trademark, from
Tricoya Technologies Limited, a subsidiary of TWL with exclusive rights to
exploit the Tricoya(®) brand.

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