REG - Hardide PLC - Interim CEO appointment

HardideAnnouncement

08/02/2024 07:15

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RNS Number : 4032C  Hardide PLC  08 February 2024

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.

 

 Enquiries:
 Hardide plc

 Andrew Magson, Non-Executive Chair                                   Tel: +44 (0) 1869 353 830

 Jackie Heddle, Communications Manager

 IFC Advisory                                                         Tel: +44 (0) 20 3934 6630

 Graham Herring

 Tim Metcalfe

 Florence Chandler

 Cavendish Capital Markets Ltd - Nominated Adviser and Joint Broker   Tel: +44 (0) 2072 200 500

 Henrik Persson/ Abigail Kelly

 Allenby Capital - Joint Broker

 Tony Quirke/ Joscelin Pinnington - Sales and Corporate Broking       Tel: +44 (0) 20 3328 5656

 Jeremy Porter/ Dan Dearden-Williams - Corporate Finance

Notes to editors:

www.hardide.com (http://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.

 

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