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Dialight chief executive steps down
Industrial LED lighting technology group Dialight announced on Monday that Michael Sutsko, the firm's chief executive, had stepped down from the board with immediate effect.
Sutsko was immediately replaced by Martin Rapp, a non-executive director at Dialight since April 2016, on a permanent basis.
Dialight's product delivery performance had been a "significant disappointment" to its board, who highlighted Rapp's prior experience at the likes of Laird Technologies and Monsanto as being "ideally suited" to lead the group through its "short-term difficulties."
Wayne Edmunds, non-executive chairman, said, "On behalf of the Board, I would like to thank Michael for the contribution he has made and wish him well for the future. Marty's previous executive experience in product delivery and his knowledge of Dialight's business as a board member gives him a unique perspective to quickly and effectively remedy the recent product delivery performance and build a robust operational platform for future growth."
Looking forward, Dialight expected group revenue and EBIT for the twelve months ended 31 December to come in at £181m and £9.7m, respectively.
The firm had a net cash balance of £12.8m at the end of the period and expected non-recurring items to total £6.4m for the year.
"The board continues to expect a second-half weighting to the group's trading performance for the year ending 31 December 2018. The sustainability benefits of Dialight's products coupled with reduced maintenance and improved safety offer real value to Dialight's customers. The board remains confident in the group's medium to long-term growth prospects," the Monday trading update read.
As of 1620 GMT, shares had gained 5.82% to 582.00p.