Iofina boss steps down on health grounds

12th Jun 2013 14:03

AIM-listed speciality chemical derivatives company Iofina has reported that Chief Executive Officer and Company Secretary Lance Baller has resigned from the company on health grounds.The group said that it had accepted his resignation with regret and, as a result, the resolution to re-elect him as a Director of the Group would be withdrawn from the agenda at the annual general meeting (AGM) to be held on June 19th 2013. The group said that Baller had been retained as a consultant to the Group with effect from the AGM.Efforts to recruit a new Chief Executive Officer were being pursued immediately, the group said. Meanwhile, Chris Fay would continue to act as Executive Chairman of the Group and, effective from the AGM, Stuart Eaton would revert to his Non-Executive role on the board, the group said. In addition, Simon Holden has been appointed as Company Secretary effective at the conclusion of the AGM.Commenting on the resignation Chris Fay, Executive Chairman of Iofina, said: "Lance's efforts, firstly as finance director and latterly as Chief Executive Officer, have been instrumental in the development of the group, not least the realisation of its production activities to the current status of two producing plants and the imminent roll out of many more. His commitment has been of the highest order throughout his tenure. The board is pleased to have secured his services on an on-going basis as a consultant to the group. The board extends its sincere best wishes to him and his family in the hope he will soon return to full health."Iofina's business strategy is to identify, develop, build, own and operate iodine extraction plants currently focused in North America based on Iofina's WET IOsorb technology. Iofina's share price was down 8.23% to 223p at 14:22 on Wednesday.MF