LONDON - Nanoco Group plc (LSE: NANO), known for its cadmium-free quantum dots and nanomaterials technology, has appointed Dmitry Shashkov as its new Chief Executive Officer, effective immediately. Shashkov takes over from Brian Tenner, who had previously announced his departure from the Board on July 25, 2024, but will continue to assist during the transition period.
Shashkov brings over two decades of leadership experience in the electronics and biomedical sectors, with expertise in advanced materials and significant roles in semiconductor, display, photovoltaic, LED, and medical device industries. His most recent tenure as CEO of CPS Group, later integrated into Exyte, saw a tripling of revenues and a fourfold increase in profitability before the company's acquisition by a strategic investor.
His career began at McKinsey and Company, consulting in pharmaceuticals, chemicals, and telecommunications. Shashkov holds a Ph.D. in Materials Science and Engineering from Northwestern (NASDAQ:NWE) University and a B.S./M.S.E. in Physics of Metals from the Moscow Institute of Steel and Alloys.
Chris Richards, Nanoco's Non-Executive Chairman, expressed confidence in Shashkov's ability to drive shareholder value and develop the company's commercial opportunities. Richards also acknowledged Tenner's contributions, including a litigation settlement with Samsung (KS:005930) and securing Nanoco's first commercial order.
Shashkov shared his enthusiasm for joining Nanoco, citing the company's technology, manufacturing capabilities, and intellectual property. He also noted the team's desire to succeed and the Board's commitment to maximizing shareholder value.
Nanoco has confirmed that there are no additional details required to be disclosed regarding Shashkov's appointment under UK Listing Rules.
In related news, Nanoco announced that it would release its annual results for the year ended July 31, 2024, on November 20, 2024, a delay attributed to completing necessary disclosures in the annual report. This follows the end of a contract with a European customer and a strategic review announced on October 3, 2024. Despite these developments, the company expects to report FY24 revenue and earnings in line with consensus forecasts and confirmed cash reserves of £20.3 million as of July 31, 2024. The information in this article is based on a press release statement.
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