Somero CEO to retire, chair to step down
Somero Enterprises Inc. (DI)
306.00p
17:15 20/12/24
Somero Enterprises announced significant leadership changes on Friday, with chief executive officer and president Jack Cooney set to retire on 31 March after 27 years with the company.
FTSE AIM 100
3,439.31
17:04 20/12/24
FTSE AIM All-Share
710.60
17:04 20/12/24
Industrial Engineering
12,415.17
17:14 20/12/24
The AIM-traded firm said that to ensure a smooth transition, Cooney would remain a consultant for an additional year, while the board initiated the search for his successor.
In the interim, Jesse Aho, a 16-year veteran of Somero and current chief operating officer of global operations and new product development, had been promoted to president, effective immediately.
Chairman of the board Larry Horsch would meanwhile step down from his role upon the appointment of the new CEO.
The next chairman would be selected from the existing board, with Horsch remaining as a director on a temporary basis to support the transition.
Somero said the changes aligned with its succession plan announced in June.
As stated in its July trading update, the company expected its full-year results to meet market expectations, with results to be announced in March.
“On behalf of the board, I would like to thank both Jack and Larry for their unwavering commitment to Somero over so many years,” a board spokesperson said in the company’s statement.
“Their hard work and dedication have been integral in helping Somero to become the company it is today.”
At 0950 GMT, shares in Somero Enterprises were flat at 307.5p.
Reporting by Josh White for Sharecast.com.