Friday May 2, 03:52 PM
Metal-Tech confirms handover to new CEO Jonathan Ben-Cnaan
LONDON (Thomson Financial) - Metal-Tech Ltd. said the handover from Ran Maimon to new CEO Jonathan Ben-Cnaan has been completed.
The hydrometallurgy and chemical company also said Meir Klausner, Yehoo Madmon and Orit Ofer have resigned as directors as part of a board shake-up.
The company said alterations to its board have been made to streamline its operations and to bring the company in line with best practice governance. The new board will have four non-executive directors and up to three executive directors.
Metal-Tech also expects Maimon to step down from the board at the forthcoming AGM when Ben-Cnaan will also be proposed for appointment to the board.
The company's shares took a beating on March 26 after it issued a profit warning. Metal-Tech said it would fall significantly short of its profit expectations despite hitting the mark on revenues, as a falling U.S. dollar had raised cost of sales and operating costs.
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