The CFO of Xeros Technology Group plc is to step down.
Paul Denney, CFO and company secretary, will step down from the board on 28th February 2023 to pursue new opportunities.
A search process for his replacement will commence immediately.
Based on the Advanced Manufacturing Park in Rotherham, South Yorkshire, listed Xeros is a Leeds University spinout developing water-saving and filtration technologies to reduce the impact of clothing on the planet.
It says it continues to make progress with its XFilter Technology that enables washing machine manufacturers to provide consumers with the ability to capture and easily and safely dispose of over 90% of microfibres, including microplastics, released during laundry cycles.
In October Xeros raised £7 million through a share issue ‘to fund the business through to cash breakeven’ and appointed a new CEO in Neil Austin.
“Through his leadership of the finance function and as a board member and company secretary, Paul has played an important role in the evolution of the business over the past six years and through challenging economic conditions,” said Austin.
“On the eve of the company’s next chapter, he leaves us well-placed to continue the commercialisation of our portfolio of technologies.
“On behalf of everyone at Xeros I would like to thank Paul for his significant contribution.”