LONDON (ShareCast) - Nanomaterials group Oxonica (LSE: OXN.L - news) said its chief executive will step down and added that it has initiated
a redundancy programme in the UK.
CEO Kevin Matthews intends to resign from the board after being offered the opportunity to join a "leading a private biotechnology business." He will leave his position on 29 September 2009.
The group also said a redundancy programme has been initiated in the UK with a number of individuals being informed that their jobs are at risk. The size of the board will also be reduced.
Oxonica has begun the search for a replacement but in the meantime CFO Richard Clarke will assume the role of CEO.
"The board believes that the successful completion of the partnership discussions currently in progress along with the cost reductions and board changes will result in Oxonica being able to achieve a cash break-even position with a sustainable, relatively low-risk business model," said the group.
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