A senior appointment has been made at the helm of the company with a wonder construction product plant in Hull on hold.
Accsys is behind a high performance sustainable wood that combines chemistry and technology, with a £120 million facility almost complete at Saltend.
With costs soaring on the build and the raw materials required for the process also escalating due to the rampant inflation that followed the invasion of Ukraine, the Anglo-Dutch listed business put the build on pause in November. Shortly after, chief executive Rob Harris resigned, and he will leave on Friday. It coincided with long-standing CFO William Rudge’s plans to step down, having served Accsys for 12 years.
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Steven Salo has now been appointed as chief financial officer, with chairman Stephen Odell making his position an executive role as the search for Mr Harris’ successor continues. “Good progress” has been reported on that front. No further update has yet been given on the plans for Saltend, with scores of jobs anticipated, should it proceed.
Mr Salo is a chartered accountant who brings “significant experience in senior financial leadership roles, executing high-value corporate and business development transactions, and driving and shaping businesses for profitable growth”.
He has worked in substantial construction and engineering environments, most recently for Depa Plc, a publicly listed interior manufacturing, construction and assembly firm headquartered in Dubai. Prior to that he worked in investment banking for both Citigroup and Dresdner Kleinwort Wasserstein and began his career at PwC in Australia.
Mr Rudge will continue with Accsys to the end of April to effect an orderly handover.
Mr Odell, who brings significant global executive experience having spent 38 years with Ford Motor Company, said: “On behalf of the board, I am very pleased to welcome Steven to Accsys. Steven's background as an international group CFO with experience focused on driving improvement in financial fundamentals will be highly beneficial to Accsys as we enter our next growth phase. I would also like to thank Will Rudge for staying on to support Accsys and transition his responsibilities to Steven and wish him all the best with the next step in his career.
“I am stepping into the role of executive chairman on an interim basis as we progress our CEO search process, and I look forward to working with our dedicated and talented employees across the group in an executive capacity."
Known as Tricoya, the first-of-its-type plant saw anticipated capital expenditure virtually double, with significant delays mounting through Covid, when the lead contractor declared a force majeure event, walking away from delivery.
It was subsequently taken in-house, with a further £30 million spend requirement identified. Existing partners were bought out from what had been a joint venture as additional backing commitments stalled, with the six month pause introduced. In January Accsys said new partners could be sought to take it forward if it proves viable.
Accsys also has operations in Arnhem, Holland, and emerging production in the US, scheduled to come online in March next year, as well as a colour production facility in Wales.
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