Omega Diagnostics has announced that its chief executive Colin King will step down from the position with immediate effect.
He notified the board of his resignation, following six and a half years with the company.
Jag Grewal has been promoted to replace King. He has been a board member at the Clackmannanshire-based diagnostics firm business since June 2011 and is currently managing director of the health and nutrition division.
Omega also announced that non-executive director, Bill Rhodes will also step down from his role at the end of February. The company will begin the process of seeking suitable non-executive director candidates.
A short stock exchange update also noted that the company currently has cash balances in excess of £2.5m and an undrawn overdraft facility of £2m, with no short term need to raise additional capital.
Simon Douglas, chairman of the company, said: “On behalf of the board I would like to thank Colin for his contribution to the business over the last six and a half years.
“Colin has been a valued leader of the Omega team and it is with considerable regret that he has decided to step down and I would like to wish him all the best in his future endeavours.
“I also offer my thanks to Bill for his support for the Company during his tenure as chairman and latterly as non-executive director.
“I would also like to welcome Jag into this new role and we look forward to working together on the next phase of Omega’s exciting future.”
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