EQTEC taps David Palumbo to replace CEO Ian Price

Bioscience firm Eqtec named David Palumbo as chief executive officer on Monday after current CEO Ian Price stepped down from the board after just over a year.

Palumbo will succeed Price with immediate effect, while Price will stay on with the AIM-listed group as part of its senior management team and will continue to support the development of the group's business.

Prior to joining Eqtec on 28 August, Palumbo had actually been in involved in with the group since 2014 in an advisory capacity and was responsible for introducing a number of significant stakeholders to the company.

The newly minted chief executive said: "My focus will be on accelerating the strong foundation for growth, focusing on increasing sales from a lean organisation, continuing to optimise the capital structure of the company and establishing new funding structures for project finance.

"With this in place, I believe the potential of the group's unique and highly compelling technology and portfolio of projects will be maximised."

As of 0920 BST, Eqtec shares had slipped 0.45% to 0.22p.