Bagir CEO to stand down, former CFO to return

Bagir said Micha Ronen would be rejoining the company as acting chief executive officer and was expected to join its board of directors upon completion of due diligence.

Ronen previously held senior management positions at Bagir between 2004 and 2010, including chief financial officer, head of its USA division and latterly as deputy CEO.

Chairman Tessa Laws said: "On behalf of the board and the company I would like to thank Eran for his excellent leadership since he took the role, he successfully led the refinancing of the business, re-focused the company on three manufacturing territories and more recently has led the proposed strategic partnership with Shandong Ruyi.

"At the same time, I am delighted to welcome Micha back to the company. Micha is widely respected and well known throughout the business. He is an excellent appointment for the company and we look forward to confirming his position as permanent in the near future."

As of 0910 BST, Bagir shares had dropped 4.55% to 1.05p.