Dialight appoints new CEO after disappointing performance
Source - SMW
Industrial LED lighting technology group Dialight chief executive Michael Sutsko has stepped down from the role and from the board with immediate effect.
The group said Martin ('Marty') Rapp - who joined the group in April 2016 as a non-executive director - had been appointed group CEO on a permanent basis with immediate effect.
He served as CEO of Laird Technologies from 2001 until 2011, having held various management roles, including managing director and executive director, at Laird plc since joining in 1996.
Dialight said its recent product delivery performance had been disappointing and Rapp's prior experience was ideally suited to lead the group through these short-term difficulties.
Dialight said that based on unaudited management information, the board expected revenue and EBIT (excluding any non-recurring items) for the year ended 31 Dec 2017 to be £181m and £9.7m, respectively, and net cash at 31 Dec of £12.8m.
It said non-recurring items were expected to be £6.4m.
It said a full assessment of the impact of the changes in US tax legislation was not yet complete and a further update would be provided in the full year 2017 results announcement.
It said any decision on the level of the proposed final dividend for the year ended 31 December 2017 would be made when finalising the year-end results, which were expected to be released on 26 February 2018.