REG - Surgical Innovations - Changes to Board Structure & CFO Appointment

Surgical InnovationsAnnouncement

15/11/2021 07:05

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RNS Number : 3120S  Surgical Innovations Group PLC  15 November 2021

Surgical Innovations Group plc

("Surgical Innovations", or the "Group")

 

Planned changes to board structure and composition and appointment of
Charmaine Day FCCA as Chief Financial Officer

 

Surgical Innovations Group plc (AIM: SUN), the designer, manufacturer and
distributor of innovative technology for minimally invasive surgery, provides
details of planned changes to board structure and composition, and the
appointment of Charmaine Day as Chief Financial Officer (CFO).

 

Charmaine is a Chartered Certified Accountant and has had responsibility for
all financial aspects of the Group since July 2019, whilst also serving as
Company Secretary since 2017. We are pleased to announce that she will join
the board with immediate effect as CFO. Charmaine joined Surgical Innovations
in 2012 as Financial Controller, beginning her career in finance for Eville
& Jones Ltd and later as Management Accountant at Ellis Fairbank PLC.

 

Additional regulatory disclosures relating to Charmaine's appointment to the
Board are included below.

 

The current directors have given careful consideration to the appropriate
board structure to fulfill the future strategic and governance needs of the
business.  The outcome of this review concludes that the optimal structure is
a board of five directors comprising three non-executive directors (including
an independent chair and a senior independent director), and two executive
directors, being the Chief Executive Officer (CEO) and the CFO.

 

As part of a planned process to transition to this agreed structure, two of
the current directors, Alistair Taylor and Adam Power, have indicated their
intention to step down from the board with effect from 31 December 2021.
Alistair joined the board in January 2016 as an Independent Non-executive
Director, and Adam Power has been Business Development Director since the
acquisition of Elemental Healthcare in August 2017.  On 7 January 2021, it
was announced that Adam would retire from his executive responsibilities at
the end of the year, and he has now decided to also step down from the
board.  At that stage, the board will come into line with the intended
structure, the three remaining Non-executive Directors being Nigel Rogers,
Professor Mike McMahon and Paul Hardy.  Further evolution of the
non-executive complement of the board is anticipated by the end of 2022.

 

Chairman Nigel Rogers commented,

 

"The current board composition has been unchanged since the acquisition of
Elemental Healthcare in 2017, and the Group has benefited both from stability
and consistency in the development and implementation of our strategic goals.

 

We are now looking to the future, and setting out a flexible and effective
structure that meets the anticipated needs of the business and facilitates
further succession planning in years to come.

 

I would like to place on record my congratulations to Charmaine on joining the
Board, and my warm appreciation and best wishes to both Adam and Alistair as
they leave the Board and focus on other projects."

 

 

 

 

 

 

For further information please contact:

 Surgical Innovations Group plc                           www sigroupplc com (http://www.sigroupplc.com/)
 David Marsh, CEO                                         Tel: 0113 230 7597
 Charmaine Day, CFO

 Singer Capital Markets (Nominated Adviser & Broker)      Tel: 020 7496 3000
 Aubrey Powell / Rachel Hayes/ Kailey Aliyar

 Walbrook PR (Financial PR & Investor Relations)                                      Tel: 020 7933 8780 or si@walbrookpr.com (mailto:si@walbrookpr.com)
 Paul McManus / Lianne Cawthorne                          Mob: 07980 541 893 / 07584 391 303

 

 

Regulatory Disclosures

 

Charmaine Roxane Day (aged 39) is currently, or has during the past five years
been, a director of the following companies:

 

 Current directorships or partnerships   Previous directorships or partnerships
 ·    Elemental healthcare Limited       NA

 ·    Haemocell Limited

 ·    Surgical Innovations Limited

 

 

Save as set out in this announcement there are no further details to be
disclosed in accordance with paragraph (g) of Schedule Two of the AIM Rules
for Companies.

 

In relation to AIM Rule 17, the information included in the announcement
released on 11 November 2021 relating to the grant of options remains
unchanged.

 

About Surgical Innovations Group plc

 

The Group specialises in the design, manufacture, sale and distribution of
innovative, high quality medical products, primarily for use in minimally
invasive surgery. Our product and business development is guided and supported
by a key group of nationally and internationally renowned surgeons across the
spectrum of minimally invasive surgical activity.

 

We design and manufacture and source our branded port access systems, surgical
instruments and retraction devices which are sold directly in the UK home
market through our subsidiary, Elemental Healthcare, and exported widely
through a global network of trusted distribution partners. Many of our
products in this field are based on a "resposable" concept, in which the
products are part re-usable, part disposable, offering a high quality and
environmentally responsible solution at a cost that is competitive against
fully disposable alternatives.

 

Elemental also has exclusive UK distribution for a select group of specialist
products employed in laparoscopy, bariatric and metabolic surgery, hernia
repair and breast reconstruction.

In addition, we design and develop medical devices for carefully selected OEM
partners and have also collaborated with a major UK industrial partner to
provide precision engineering solutions to complex problems outside the
medical arena.

 

We aim for our brands to be recognised and respected by healthcare
professionals in all major geographical markets in which we operate and
provide by development, partnership or acquisition a broad portfolio of cost
effective, procedure specific surgical instruments and implantable devices
that offer reliable solutions to genuine clinical needs in the operating
theatre environment.

 

 

Further information

 

Further details of the Group's businesses and products are available on the
following websites:

 

www sigroupplc com

www surginno com

www elementalhealthcare co.uk

 

To receive regular updates by email, please contact si@walbrookpr.com.

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