Runcorn nano-material firm Nanoco Group plc has appointed Dmitry Shashkov as Chief Executive Officer with immediate effect.

Shashkov succeeds Brian Tenner, who said in July he planned to step down but would remain with the company while it works with advisers to assess ownership options for the trading business and assets.

Earlier this month Nanoco put its trading business and intellectual property up for sale after the loss of a major customer prompted a strategic review. At the same time, it said it would cut jobs and costs and reduce the size of its board.

Shashkov has over 20 years of experience managing businesses in the electronics and biomedical fields, with technical expertise in metals and other advanced materials as well as significant exposure to semiconductors, flat panel displays, photovoltaic, light emitting diode and medical device industries.

Most recently, he was the CEO of CPS Group of companies, later part of Exyte, from 2020 to 2024, which was focused on high-tech equipment for semiconductors and life science facilities. Under his leadership, the revenues of the business tripled and the profitability increased four-fold, before it was successfully sold to a strategic investor.

Chris Richards, Non-Executive Chairman of Nanoco, said: “Dmitry’s proven track record in leading materials science-based businesses, driving shareholder value through transformational business development, make him the ideal candidate to take Nanoco forward.”

“We look forward to working with Dmitry both to develop the commercial opportunities and to pursue potential strategic options for our trading business, as outlined in our announcement on 3 October. We are certain that this appointment is additive to the attractions of the Company.”

Shashkov said: “I am truly excited to join the Nanoco team. I was impressed with Nanoco’s technology, high-volume manufacturing capabilities, as well as the breadth and depth of their IP. More importantly, in my initial interactions with Nanoco employees I saw great desire to succeed and great energy to make things happen. Likewise, I saw Nanoco’s Board highly committed to maximizing shareholder value and highly supportive in developing a new direction for the Company. I am looking forward to working with the Nanoco team and Board to move the company forward.”

Nanoco said it now expects to announce its results for the year ended 31 July on 20 November, delayed by work to complete the necessary disclosures in the annual report and accounts which have arisen due to the previously announced end of contract with the European customer, the Board’s review of the Group’s strategy and the announcement of Shashkov as the new CEO.