UPDATED: Sealegs founder McKee Wright steps in after CEO David Glen resigns
Sealegs chief executive and director David Glen has resigned after three years in charge of the amphibious vehicle maker.
Sealegs [NZX: SLG] founder David McKee Wright will re-join the company's board and act as chief executive with former Cabinet Minister Wayne Mapp also appointed a director after the head of the amphibious vehicle maker David Glen resigned.
McKee Wright will act as interim chief executive and also join the board as the Auckland-based company looks to fill the executive position, Chairman Eric Series said in a statement. Mapp, a former minister of defence and minister of science, research and technology, has also been appointed to the Sealegs' board.
"Mapp is bringing his unparalleled expertise and experience in the government and military sectors to Sealegs, which is currently expanding its activities in those areas markedly," Series said. "McKee Wright is one of the founders of Sealegs and his deep knowledge of the company should make a significant contribution to the board."
Earlier today, Series announced Glen's resignation, after three years heading the business. The chairman wished him the best for his "next endeavour", without disclosing any more details of the departure.
Glen joined Sealegs in October 2011, having previously been with local marine business Southern Spars, where he drove growth in the company in New Zealand, Cape Town, Sri Lanka, USA and Denmark after its 2006 merger with Marten Spars.
Last month Sealegs reported a first-half profit of $32,300 after strong local demand underpinned improved sales, and as it seeks to tap new markets in South America.
The company raised $1.3 million in a share issue to a Jersey-based investor this month to help fund development and working capital requirements.
The shares rose 3.3 percent to 12.5 cents, and have dropped 21 percent this year.
(BusinessDesk)
Paul McBeth
Tue, 11 Nov 2014
Tue, 11 Nov 2014
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UPDATED: Sealegs founder McKee Wright steps in after CEO David Glen resigns
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