Runcorn nano-material firm Nanoco Group plc said Chief Executive Brian Tenner plans to leave the company, but will stay in his post until a successor has been appointed. It said a search is underway to identify a new CEO.

Chairman Chris Richards, who was set to step down as chairman at the company’s next annual meeting, will now stay in that role and provide continuity until a new CEO is in place, the company added. 

Richards said: “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. The financial outcome allowed us to reward shareholders for their support with a return of capital but also underpinned a solid foundation for the future in the company’s strong cash position.”

“A new CEO will be able to take the business forward on that basis and focus on further developing the company’s commercial traction. On behalf of everyone at Nanoco, the Board thanks Brian for his substantial contribution and wishes him and his family all the best for the future.”

Tenner said: “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. The transition to a period in which a successor can focus squarely on the commercial development of the company is a good moment to start the process of identifying the successful candidate and handing the baton on.”