The CEO of a Manchester spinout company which won $150 million in a legal dispute with Samsung is to leave the firm.
Nanoco Group plc, headquartered in Runcorn, develops and manufactures cadmium-free quantum dots and other nanomaterials. These are used in monitors, TVs and infra-red sensors.
Brian Tenner led the company through a period of significant change, including the $150m legal settlement with Samsung last year. It had sued the Korean electronics giant in Texas in 2020, accusing it of copying its technology and incorporating it into high-end QLED TVs from 2017.
He has now advised the board of his intention to leave the company “to pursue new opportunities”.
However, he will stay in the role until a successor has been appointed. A search is underway to identify a new CEO.
Chairman Chris Richards, who had been set to step down at the next AGM after nine years on the board, will now stay in the role until a new CEO is in place.
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“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,” said Richards.
“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 added: “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.”
Last week Nanoco reported that it expects 2024 revenue to be marginally below market forecasts, with adjusted EBITDA likely to be towards the lower end of the forecast range.