Listed Manchester spinout company Nanoco has appointed a new CEO in Dmitry Shashkov.
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.
Following a strategic review – initiated after a major European customer changed its strategic focus away from QD-enabled infra-red sensors – it recently revealed plans to cut jobs to preserve cash as it explores a sale.
The firm, which won $150 million in a legal dispute with Samsung last year, previously announced that its CEO Brian Tenner was to leave the company.
Tenner will remain with the company during a handover period.
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 (PV), Light Emitting Diode (LED) 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 fourfold before it was successfully sold to a strategic investor.
“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,” said Chris Richards, non-executive chairman of Nanoco.
“We look forward to working with Dmitry both to develop the commercial opportunities and to pursue potential strategic options for our trading business. We are certain that this appointment is additive to the attractions of the company.
“At the same time, I would like to thank Brian Tenner on behalf of the board for his significant efforts during his tenure, notably the settlement of the litigation with Samsung and working to secure the company’s first ever commercial order.
“We are glad that he and his expertise and experience will remain available to us in ensuring an orderly handover to Dmitry, and in assisting advisers with respect to the corporate options available to us.”
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 maximising 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 has provided an update on the expected timing for its full-year results, which are now anticipated to be released on 20th November 2024.
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