Brian Tenner has revealed his decision to step down as CEO of Nanoco, a company specialising in nanotechnology. Tenner, who has been with the firm for six years, will continue in his role until a new CEO is appointed.
During his time with Nanoco, Tenner was instrumental in securing a $150 million settlement with Samsung. This settlement marked a significant milestone for the company.
Brian Tenner’s Departure
Brian Tenner, the CEO of Runcorn-based nanotech firm Nanoco, has announced his intention to leave the company. Tenner has been a key figure in the company for six years, transitioning from COO and CFO roles to become the CEO.
During his tenure, Tenner led the company through a significant legal battle, resulting in a $150 million settlement with Korean industrial giant Samsung. He plans to remain in his role until a successor is appointed and will aid in the handover process.
Search for New Leadership
The search for a new CEO is already underway. The board seeks a candidate with a proven track record of commercial success in the sector.
Meanwhile, Chairman Chris Richards has reversed his decision to step down. He will stay on to ensure continuity until a new CEO is in place.
Richards expressed gratitude for Tenner’s leadership, highlighting the milestones achieved, including the Samsung litigation settlement and the financial stability it brought to the company.
Financial Challenges and Future Outlook
Despite the successful settlement, Nanoco faces ongoing financial challenges. The company recently informed the markets that its full-year revenues are expected to be slightly below consensus forecasts.
This shortfall is attributed to the University of Manchester spin-out not receiving further production orders from a key customer during the 2024 financial year.
Adjusted EBITDA is anticipated to be at the lower end of market forecasts, ranging from £0.5 million to £1.5 million. The company plans to announce its full-year results on October 22, 2024.
Technological Advancements and New Facilities
Nanoco is known for its development of materials used in monitors, TV screens, medical imaging, and early cancer diagnosis. The company’s technological innovations have positioned it as a significant player in the nanomaterials sector.
Recently, Nanoco launched a new wafer device facility, known as Fab, at its Runcorn headquarters. This marks only the second facility of its kind in the UK.
The new Fab facility enhances Nanoco’s capacity to develop nanomaterials at the volumes required for mass-market consumer electronics applications.
Local and Global Significance
Nanoco’s contributions to the industry have not gone unnoticed. Liverpool City Region Mayor, Steve Rotheram, attended the launch event of the new Fab facility.
Rotheram praised Nanoco’s status as a globally significant science-based business located in the region. The company’s advancements continue to bolster its reputation both locally and internationally.
The launch of the new facility underscores Nanoco’s commitment to maintaining its leadership in nanotechnology and expanding its influence in the global market.
Company’s History and Market Position
Nanoco has a rich history as a University of Manchester spin-out. The company develops groundbreaking technologies that have wide-ranging applications.
Their products are particularly noted for use in consumer electronics, medical imaging, and cancer diagnostics. The company has established itself as a leader in these fields.
Despite recent financial challenges, Nanoco remains a key player in the nanotechnology and materials development sectors. The search for a new CEO is a step towards overcoming these challenges and focusing on future growth.
Quotes and Testimonials
Christopher Richards, Chairman of Nanoco Group plc, stated: “The Board is grateful to Brian for leading the business through challenging times in which we achieved a number of significant milestones, not least the settlement of litigation with Samsung.”
Brian Tenner, outgoing CEO, expressed his sentiments: “I have been honoured to lead the talented team at Nanoco while building the business for six years, first as COO and CFO and then as CEO.”
In summary, Brian Tenner’s departure signifies a notable shift for Nanoco. His leadership, marked by the substantial Samsung settlement, has left a lasting impact on the company.
As Nanoco navigates its financial and strategic challenges, the search for a new CEO will be pivotal in steering its future direction. The company’s commitment to innovation and growth remains undeterred.