Ian Powell becomes new group managing director following departure of chief executive Gary Stokes earlier this month
Recycling and repair company Regenersis has appointed Ian Powell as its group managing director in the latest management reshuffle.
Powell, who joined from clothing manufacturer Banner Ltd, will share leadership responsibilities with new Regenersis executive chairman Matthew Peacock, who joined the business last month.
Powell’s appointment is the latest in a shake-up at senior level within the company, which saw chief executive and director Gary Stokes depart with immediate effect earlier this month.
Following Stokes’s departure, non-executive chairman Matthew Peacock became executive chairman. Peacock is the founding partner of Regenersis shareholder Hanover Investors Management LLP. Tom Russell, a partner of the same shareholder, also joined the company as non-executive director.
Last month, Jeff Hewitt, David Holland and David Gilbert stepped down from their respective non-executive positions on the board. They were replaced by Matthew Peacock as executive chairman and Michael Peacock and Andrew Lee as non-executive directors.
Powell said: “We’re very pleased with what we’ve seen in the business, because when you invest in a business you take a chance with what might be inside it, but we haven’t had any nasty shocks.
Regenersis has good market opportunities and high quality people working inside it.”
The restructure has come at a time when Regenersis announced its financial results for the second half of 2010, which saw increases across all areas.
Group revenue increased 5.8 per cent to £60.3 million, while group operating profit almost doubled to £2.9 million, representing an increase of 94 per cent. Profit before tax rose 168 per cent to £2.8 million with operating cash flow more than doubling to £0.7 million.
Regenersis executive chairman Matthew Peacock said: “With new board leadership in place we are now undertaking an operational and strategic review, the outcome of which will be reported before the financial year end in June.”