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He has joined Jumpcode Genomics as President /CEO.
It is on LinkedIn.
I am surprised that there is no announcement from EKF as he has been the key man in the USA.
Yes, sounds like he has a grudge if he has posted prior to the official announcement.
It's a case of watch this space.!
reading the posts between him and his ex colleagues it would not appear that he has.
in this case i think it may be a **** up by ekf.
anyway he has been responsible for making big strides in the us where a lot of their gp has come from.
pleased to say i am largely but not completely out of it.
Little bit of context here - Mike Salter joined ekf in 2017, grew the US business, got promoted to CEO in 2021 after baines left (so they must have had a good working relationship) , appears to have been responsible for the ADL purchase, botched covid plan and delays to the fermentation investments allow of which have been very costly to the business and loss of market confidence which resulted in baines coming back (assuming at the behest of shareholders). Mike was then put back in charge of US operations and looks to have finally overseen a successfully delivery of the fermentation operation (still to be confirmed). Probably a capable guy who without the ADL/Covid stuff would have coped fine - but that's not the way it worked out. Its no surprise he is moving on - but looks like he will be there to support the life sciences upscaling for while yet. Business operations aside - the key issue here is the need to get a permanent CEO, CFO and some stability into the business. Expect updates in the next few weeks. SB
Thank you for your support of EKF as a shareholder.
The Board judged that it was not necessary or appropriate to announce Mike’s departure via RNS given that he was no longer a director, and that we have continuing access to his knowledge and expertise through a consultancy agreement.
Instead they intend to note Mike’s departure as part of our next significant announcement. Their judgement on this will have been backed by appropriate professional advice.
I am sorry that you feel the Board’s judgement in this matter is not correct.
Thank you again for your support of EKF.
….ever get the feeling someone knows more than you…..ironically on the day Niox puts in a strong performance ekf continues its 2023 horror show. SB
Hi Vigneron,
May I ask if that is your comment and that you are an EKF board member or is it an answer to a question you raised with them or…..?
Thanks
That was a response to my question.
I replied and pointed out that this was price sensitive information, so I disagree with their logic.
I also pointed out the decline in shareholder value over the last year even though the board who have not covered themselves in glory received fat bonuses.
No reply as expected.
Many thanks.
Much appreciated and I agree with the points you made to them.
No reply highlights their guilt.
What a bizarre overreaction, isn’t it simply the case that Mike Salter, having been removed by the board after his brief tenure as CEO, felt that his fortunes lay elsewhere? Would any of you stay in the job after being promoted and then demoted? (I thought not). Think you’re reading too much into this. The shares are now even more discounted and likely to follow NIOX and track much higher in 2024. Patience needed of course but fermentation firmly on track to launch in the autumn and PoC growing nicely. No debt, 5%+ FCF and a divi, let’s focus on what’s important here.
Strong Buy below 30p.
DYOR & GLA!
Agree Hawker - although the wider issue here is we are currently operating without a CEO, a CFO (with no clarity why he is leaving after 18 months) and now no one running our day to day US operations. Not a surprise the market has no confidence in ekf at present - despite the positives you have noted. SB
Thanks SB, yes this is a very fair point, however, the company has said they have a CFO replacement in the pipe and the US business is very well run, with plenty of bench strength. This said I do agree that it would help if they named a successor for Mike, or at least let the market know if they have a different plan.