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Cellmid renews board to align with consumer health growth strategy

As Cellmid will focus solely on its consumer health business following the divestment of its biotech assets, changes have been made to its board and senior management.

Cellmid Limited - Cellmid renews board to align with consumer health growth strategy
Chairman Dr David King will extend his tenure to assist in the transition to a restructured board and appointment of a new chairman

Cellmid Limited (ASX:CDY) has made changes to its board and senior management following the divestment of its Lyramid biotech assets to focus on the Advangen consumer health business.

Sarah Eck-Thompson is a consumer brand specialist with expertise in experiential marketing and has been nominated as alternate director to Dennis Eck, her father, effective November 30, 2020.

Independent director Dr Fintan Walton will retire by rotation at the Annual General Meeting on November 30, 2020, and will not stand for re-election while Lyramid CEO Bart Wuurman has resigned effective November 30, having completed his mandate to develop the strategy and prepare the company for divestment.

“Instrumental in transformation”

Cellmid’s independent chairman Dr David King has advised the company of his intention to resign from the board, and will consequently not stand for re-election at the AGM.

Cellmid chief executive officer Maria Halasz said: “David has been instrumental in Cellmid’s transformation into a thriving consumer health business with enormous market potential.

“There is no doubt that his contribution will continue to bear fruit well after his departure as chairman and his wisdom and support will be very much missed.”

Dr King served the company for more than 12 years, leading the business through an early capital restructure, the acquisition of the Lyramid and Advangen portfolios and adding significant value by transforming a non-revenue generating biotech business into a consumer health company with high tech beauty brands that have since delivered strong revenue growth.

At the request of the board, Dr King has agreed to temporarily extend his tenure to assist in the transition to a restructured board and the appointment of a new chairman, so that his resignation will be effective on December 31, 2020.

“Exciting growth trajectory”

Halasz said that Dr King’s leadership had resulted in a company that was well set on the path for future growth due to its differentiated anti-ageing brands.

She said: “We are on an exciting growth trajectory and our board renewal reflects our singular focus on building a global consumer health business with differentiated anti-ageing products.”

Quick facts: Cellmid Limited

Price: 0.105 AUD

ASX:CDY
Market: ASX
Market Cap: $13.15 m
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