SUPERGLASS Holdings, the Scottish insulation maker, has said the company's chairman John Colley will resign from its board next month.
Stirling-based Superglass said Mr Colley had given notice of his intention to resign from the board with effect from 19th June after more than three years involvement with the company.
Mr Colley has led the board during a challenging period for the firm, which employs around 160 people in Stirling.
Superglass ran up hefty losses amid disappointing sales under government schemes that were meant to boost demand for insulation.
A veteran of the building materials industry, Mr Colley became chairman in March 2012 when he said there was a lot of work to be done to turn around the company.
During his time as chairman Superglass has raised around £19m from investors and completed a significant restructuring. In October Swedish investor Peter Gyllenhammar took a 38.9 per cent stake in Aim-listed Superglass after investing £3m.
The company has refocused its sales effort on supplying housebuilders and construction firms, rather than on the market for retrofitting insulation in existing buildings.
It has completed cost cutting moves and invested in increasing efficiency at its plant.
In March the company announced it was parting company with chief executive Alex McLeod.
When Superglass announced a fall in first half losses last month Mr Colley said the turnround remained broadly on track.
Superglass cut losses before interest, tax, depreciation, amortisation and exceptional items, to £3.1 million in the six months to February, from £3.5m in the equivalent period last year.
The company said it will appoint a new chairman in consultation with major shareholders.
Mark Cubitt, formerly chief financial officer of Wolfson Microelectronics, has been appointed senior independent non-executive director.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereComments are closed on this article