Surface Transforms, the troubled Knowsley-based maker of disc brakes for supercars, announced that Andrew Kitchingman, non-executive chairman, has resigned with immediate effect. Kitchingman was appointed in September.

Surface Transforms also said it is reviewing strategic opportunities. The firm’s shares have fallen 99% in the past year.

On September 30, Surface Transforms ratcheted down expectations for the rest of the year as it continued to struggle with capacity constraints and manufacturing.

The troubled firm said Ian Cleminson will become chairman on an interim basis until a successor has been appointed.

Surface Transforms’ customers have included Aston Martin and Lamborghini.

Cleminson said: “Andrew’s time with the company was unfortunately brief and we wish him well in his future endeavours.

“While short term business priorities are focused on operational improvements and tight management of cash, we are reviewing strategic opportunities to bring longer term financial stability to the company.”