A new interim CFO has been appointed at SkinBioTherapeutics plc following the departure of the figure who triggered a probe into the actions of ex-CEO Stuart Ashman.
The Newcastle firm, developing gut-based products which promote skin health, was thrown into crisis earlier this year.
Emily Bertram, who joined as CFO in 2025, escalated concerns that results had been misrepresented, leading to the departure of Ashman, who had joined the company as CEO in 2024. Its share price also dropped from around 20 pence to 5p.
FRP Advisory was appointed to investigate on behalf of the board while Rachel Parsonage, who ran her own advisory consultancy, was brought in to take the CEO role on an interim basis.
The probe’s published findings said accrued royalty revenue of £770,000 had been inappropriately recognised in the audited FY25 financial statements, necessitating a downward adjustment from £4.64m to £3.87m.
Documentation provided to back up the inflated royalty revenue was identified by FRP as fabricated by the former CEO; it said that nobody else was involved or aware of the fabrication.
Other issues around the award, payment and timing of accounting for bonuses and associated consultancy payments in both FY24 and FY25 were also identified, with board members Martin Hunt and Dr Cathy Prescott subsequently repaying these voluntarily.
Chairman Hunt and former CEO Dr Cathy Prescott, then a non-executive director, stepped down from the board, with the role of interim chair passing to Alyson Levett.
That left Parsonage, Levett and Bertram as the sole members of the board – but Bertram decided to leave the company at the end of June, with Parsonage hailing her “diligence and professional integrity” in identifying and escalating issues to the board.
Now Anita Slater has been appointed interim CFO – a non-board role – for an initial six-month term, starting immediately.
Slater has 30 years’ experience in commercial and financial senior leadership roles including board positions, and has worked across startups, AIM-listed firms, and FTSE top 10 companies in energy, infrastructure and manufacturing.
She started her career at BG Group (now Shell) where she worked for around 19 years. In 2016 she moved to the renewable energy and technology sectors with Tokamak Energy, AIM-listed AMTE Power plc, mining and renewable energy ventures Blue International Group and Joule Africa.
Levett said: “On behalf of the board, I am delighted to welcome Anita to SkinBio as interim CFO. She brings extensive experience in financial and commercial leadership, together with strong expertise in governance, risk and financial controls.
“We have made significant progress in strengthening the Group’s governance and financial framework, and Anita’s experience will be invaluable as we build on that work and the ongoing focus on the commercial development of the business.”
The company is in advanced discussions with potential NED candidates, it added. Its latest half-year results were positive while it has recovered some of its share price, currently trading at around 9.65p.