Insulation maker Superglass has promoted managing director Ken Munro to the role of chief executive as it continues its search for a new chairman.
Munro joined the Stirling-based firm in September 2013 as director of strategic development and sales, and became managing director of its main trading business, Superglass Insulation, in January.
He previously ran the educational supplies division at Havelock Europa, the Fife shopfitter, and was vice-president of global product marketing at ATM-maker NCR.
Following his elevation to the top job, chief executive Alex McLeod has stepped down from the board of the Aim-quoted company with immediate effect.
Superglass said: “The company would like to thank Alex for his tireless efforts and contribution over the last six years, during the major part of which Superglass faced an extraordinarily challenging trading environment.”
Munro’s promotion follows an “extensive” recruitment process that considered internal and external candidates, and the move has been backed by Peter Gyllenhammar, the Swedish activist investor who controls almost 39 per cent of the firm.
In April, the company reported a 10 per cent fall in first-half revenues to £10.3 million amid “negligible” demand for government-backed energy efficiency schemes. However, losses were trimmed to £1.9m, from £2.3m a year earlier, on the back of a drive to cut costs and reduce manufacturing output.
A recent refinancing raised £5.7m from investors and secured a £4.8m banking facility with Close Brothers, replacing its debts with Clydesdale Bank.
Last month, Superglass said chairman John Colley would be stepping down next Friday, and the firm’s search for his replacement is ongoing.
Mark Cubitt, the former finance chief of Edinburgh-based audio chip designer Wolfson Microelectronics who was named as senior independent director on 18 May, has stepped into the role of interim chairman until a permanent successor is found.