Chief executive to step down at toiletries manufacturer Swallowfield
The chief executive of AIM-listed cosmetics and toiletries manufacturer Swallowfield, has resigned and will step down from his role in August.
Ian Mackinnon will leave the Wellington-based manufacturer, after 13 years with the business. Swallowfield said that the step had been mutually agreed following discussions with major shareholders and that it is set to begin recruitment process for a new CEO.
Mr Mackinnon has agreed to stay on for around six months to support the smooth transition of the business during this time.
He said: "I have really enjoyed my 13 years at Swallowfield. It is a cliché, but a business is truly about the people and Swallowfield is very fortunate to have good staff who I am very honoured to have worked with. I will also miss the many other stakeholders in the business - customers, suppliers and shareholders and I would like to thank them for their support over the years."
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Chairman Stephen Boyd said: "The board would like to record its thanks to Ian for his significant contribution to the business over the last 13 years as both Chief Executive and previously Finance Director. He has led the business through very difficult circumstances and we wish him well for the future."
In September, Swallowfield, which makes products for a global portfolio of household name clients, posted a 17.3% pre-tax profits rise to £1.56 million, with increased exports driving new revenue growth. The manufacturer, which also has a facility in Bideford, also reported plans to increase levels of local production for domestic markets. But in November it warned of difficult trading conditions for the year ahead, with some clients taking work back in-house. Swallowfield said while it had moved to cut costs and generate new business leads, it anticipated full-year earnings to June 30, would be "significantly below" market expectations.