Liverpool-based supercar brake disc maker Surface Transforms said it appointed Andrew Kitchingman as non-executive chair with immediate effect, as David Bundred steps down from the position.

Kitchingman has been non-executive chair of Mpac Group plc since 2016, and also a non-executive director of Andrew Sykes Group plc and London Security Group plc. Prior to that he worked in corporate finance for consultancy firms and stockbrokers, including KPMG, Hill Samuel, Albert E Sharp, Brewin Dolphin and WH Ireland. He is a Fellow of the Institute of Chartered Accountants in England and Wales.

The company said Bundred will step down as chair and retire from the board with immediate effect. The company’s shares have dropped 95% over the past year as it deals with what it has described as capacity constraints and continuing high levels of scrap.

Kitchingman said: “I am delighted to be joining Surface Transforms as chair and would like to thank my predecessor, David Bundred, for his service over the last twelve years The company has excellent technology and plenty of demand for its products. The short-term priorities will focus on operational excellence, efficiency and tight management of working capital.”

Bundred said: “I am pleased to be handing over to such an experienced chair as Andrew whom I am confident will lead the Company into the next stage of its development to seize the opportunities for the Company, and our shareholders and employees.”

“I am proud of the team’s performance over the last 12 years in turning a concept into a product that is so world beating that we have been awarded contracts of £390m from some of the world’s leading automotive OEMs. Establishing a scaled-up manufacturing process has taken longer than planned. However capacity has been built and yield continues to improve.”