InnovaDerma PLC Appointment of CEO and Roots to be ranged in Tesco (0956X)

TIDMIDP

RNS Number : 0956X

InnovaDerma PLC

08 August 2018

LEI: 213800WRAP6W8VDL6B38

InnovaDerma PLC

("InnovaDerma" or the "Company")

Appointment of UK-based Chief Executive Officer

Roots expands into Tesco

InnovaDerma (LSE: IDP), a UK developer of life sciences, beauty and personal care products, is pleased to provide the following corporate update.

Appointment of Chief Executive Officer

The Board is pleased to announce the appointment of Kieran Callan, a Non-executive Director of the Company since December 2016 as its new Chief Executive Officer. This follows the announcement on 19 June that the Company was seeking to appoint a UK based Chief Executive Officer to manage the strong growth expected in FY2019, major new retail chains and the launch of new products. Kieran will step down from his position as Non-executive Director, remain on the Board and be based in the UK. His appointment as Chief Executive Officer is expected to take effect from 17 September 2018. Haris Chaudhry will remain as Executive Chairman.

Kieran has more than three decades of experience in senior management and Chief Executive Officer roles within FMCG businesses with a strong track record of delivering significant and profitable growth. During his diverse career, Kieran was Chief Executive Officer at Joval Group, an international wine and food distribution business where he significantly improved profitability and opened up new international markets. He also held senior management positions at PZ Cussons including Managing Director of Cussons (UK and Australia) and was the founding director of National Australia Bank's (market capitalisation of c. GBP44bn*) private equity business.

Ranging of Roots Double Effect ("Roots") in Tesco

The Company is pleased to announce that it's fast growing premium haircare brand, Roots will be ranged initially in 432 of Tesco's 3,000+ stores in the UK from November 2018. The initial launch sites represent some of the largest and key format stores for haircare nationally within Tesco.

As previously announced, Roots will also be ranged in 359 of the largest of Boot's 2,500 stores this month with the stock currently being shipped into various Boots stores nationally. The Roots' product range has been extended to include heat protect spray, conditioning spray, conditioning mask with various new products under development for launch early next year.

*Market Capitalisation as at 7 August 2018.

Executive Chairman, Haris Chaudhry said:

"I am delighted that Kieran is moving to an executive role as Chief Executive Officer of InnovaDerma. Kieran's significant experience within the FMCG sector across multiple continents including his leadership roles with PZ Cussons and his decades of experience in retail, distribution, finance and management positions him as an ideal candidate for taking the business forward. We look forward to working with him as we enter the next stage of growth and I am particularly pleased that this growth is well under way as Roots will be ranged in 432 of Tesco's key stores. This is a testament to the strength and quality of this brand which was launched just one year ago and will now be available in Superdrug, Boots and Tesco, three of the UK's leading retail chains. We look forward to updating our shareholders at our results in September."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Further enquiries

 
 InnovaDerma 
  Haris Chaudhry/Joe Bayer               [phone] 
 finnCap Ltd 
  Geoff Nash/Giles Rolls/Kate            [phone] 
  Bannatyne                              www.finncap.com 
  Alice Lane - Corporate Broking 
                                      --------------------------- 
 TB Cardew 
  Shan Shan Willenbrock/Tom Allison      + 44 (0)20 7930 0777 
  Joe McGregor                           [e-mail] 
                                      --------------------------- 
 

About InnovaDerma:

InnovaDerma PLC (LSE: IDP) specializes in the research, manufacture and marketing of clinically proven products in life sciences, beauty and personal care products. InnovaDerma has presence in Europe, US, Australasia, Asia and Africa. www.innovaderma.com

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August 08, 2018 02:00 ET (06:00 GMT)