Somero president steps down ahead of interim results

Somero Enterprises announced on Tuesday that John Yuncza had stepped down from his position as president and from its board of directors, effective 28 August.

The AIM-traded firm said that in the interim, his roles and responsibilities would be assumed by current CEO and former president Jack Cooney, with the search for a successor currently underway.

Yuncza’s resignation came as the firm prepared to announce its interim financial results on 31 August.

In a trading update on 24 July, the company’s board expressed confidence that its full-year results would align with market expectations.

“On behalf of the board and everyone at the business I would like to express a sincere thanks to John for his significant contribution to Somero and wish him all the best in his future endeavours,” said chief executive officer Jack Cooney.

“Having previously served the dual role of CEO and president for 25 years, I'm intimately familiar with it and look forward to re-assuming the additional responsibility until the search for John's successor is complete.

“The business is in a strong position, with a wealth of exciting opportunities ahead and I look forward to continuing to drive growth.”

At 1208 BST, shares in Somero Enterprises were up 0.44% at 299.3p.

Reporting by Josh White for Sharecast.com.