The company behind the stalled Tricoya plant at Saltend is searching for a new chief executive.
Rob Harris, who has headed up wonder construction products innovator Accsys through a tough time on UK soil - while expansion has been delivered in Holland and inroads made in the US - has decided to pursue new opportunities. It comes as the company also seeks to appoint a new finance director.
Accsys uses chemistry and technology to enhance the performance for wood-based building products. A first-of-its-kind plant at Hull has been beset by issues, with costs spiralling and the principal contractor walking away through Covid, with delays mounting before a strategic decision to pause was made last month.
Read more: Engineering firm's losses revealed after walking away from stalled Tricoya plant
It followed the £104 million turnover company - which has just recorded a near £50 million loss - completing the buy-out of partners in what had been a joint venture, with capital expenditure doubling that what was anticipated at the project outset.
Stephen Odell, non-executive chair of Accsys - a company listed in the UK and Holland, said: "The board would like to thank Rob Harris for his contribution to Accsys' success over the last three years. During his tenure Rob has navigated the challenges of Covid-19, overseen the construction of additional reactors in Arnhem, led the consolidation of Accsys' ownership of the Tricoya project and established the foundations and momentum for our US expansion.
“As we look ahead we are confident; confident in our ability to deliver on expectations for the year, confident in delivering for customers and confident in the important role our products will play as the world looks for more sustainable building material solutions."
The Saltend site is on hold for at least six months, a decision made after it was revealed a further £30 million is required to take it to commercial operations, on top of an already inflated £89 million investment. A figure of £120 million is now being eyed, with £500,000 further for every month passing in the holding period.
Mr Harris has agreed terms to stay in post until March 31 next year. Accsys is also looking at the possibility of appointing an interim chief financial officer in the new year, following finance director William Rudge’s resignation announcement in August, after 12 years in the company. Describing “good progress” in the recruitment process, a temporary position will be taken to “ensure business continuity” should a permanent replacement be unable to start before Mr Rudge's departure.
In an update to the City, the company said there was no change to its interim results for the first six months of its financial year, published late last month, which saw a £48.4 million loss recorded in the period to September 30.
