Interesting read. Jasper Judd, new CEO of RM2 resigned because the board are unable/unwilling to raise equity as promised in his employment contract. Lets see how RAN handle this, wont be long now.
03 August 2017
RM2 International S.A.
("RM2" or the "Company")
Board and Management Changes
RM2 International S.A., the sustainable composite pallet innovator, announces the appointment - effective immediately - of Kevin Mazula as Chief Executive Officer. He replaces Jasper Judd who has decided to step down as Chief Executive Officer and from the board of directors of the Company ("the Board"). Mr Judd will not be required to continue his employment during his notice period and accordingly will be leaving the Company with immediate effect. Mr Judd's resignation follows the Board's decision not to proceed with a proposed equity offering, as announced on 24 July 2017.
Kevin has been RM2's Chief Operating Officer since April 2016 and has over 20 years of managerial experience, having successfully run and grown businesses in a range of industries and geographies. Most recently, he was Chief Commercial Officer at PRIMUS Technologies Corp, having previously served as a Senior Vice President of Xerox Corporation, where he led global productivity and cost competitiveness initiatives for the firm. Prior to that, he was Vice President of Global Business Units at Jabil Inc, a global manufacturing services company. Kevin started his career at General Electric with leadership roles in engineering, operations, and programme management. Kevin graduated with honors from the Wharton School where he earned his MBA in International Finance. As a Lauder Fellow, he was also awarded a MA in International Studies from the University of Pennsylvania. Kevin earned his BSc degree in Mechanical Engineering from the Massachusetts Institute of Technology.
Kevin will be appointed to the Board following the satisfactory completion of customary due diligence undertaken at the time a director is appointed to the board of a company admitted to trading on AIM. A further announcement on this, which will include the necessary Schedule 2(g) disclosures as contained in the AIM Rules for Companies, will be made shortly.
RM2's Chairman, Ian Molson, commented:
"I am pleased to appoint Kevin as RM2's CEO. In his time as COO, he has been instrumental in cementing the outsourcing agreements with Jabil and Zhenshi, which have transformed our manufacturing operations. I'm confident he will make an excellent CEO."
RAN Price at posting:
21.0¢ Sentiment: Sell Disclosure: Not Held
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