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Ceres Power (LSE:CWR) announced on Friday the appointment of Stuart Paynter as its new chief financial officer and board member, effective 1 October. Paynter, who brings extensive experience from the technology and financial sectors, will succeed Eric Lakin, the current finance chief. Lakin is stepping down after nearly three years to pursue other interests but will stay on temporarily to ensure a smooth transition.
Paynter joins Ceres from Oxford BioMedica, where he served as CFO and board director for seven years. During his tenure at Oxford BioMedica, the company experienced significant growth, with revenue increasing more than five-fold and international expansion in both the US and Europe. Paynter’s previous roles also include senior finance and strategic positions at FTSE 100-listed Shire, enhancing his expertise in capital markets and governance.
The board highlighted Paynter's qualifications, noting his status as a Chartered Accountant and his degree in physics from Imperial College. Chief Executive Officer Phil Caldwell welcomed Paynter, stating, “He is hugely experienced in growing technology businesses through licensing and partnerships, and will be a great addition to the business.” Caldwell also expressed gratitude to Lakin for his valuable contributions and support during his tenure.
Paynter's background in capital markets and transformation, along with his experience in advanced technology sectors, is expected to support Ceres Power’s future growth initiatives. Paynter expressed enthusiasm about joining Ceres, saying, “I am delighted to have the opportunity to join Ceres in its mission to enable a net zero future. I look forward to working with Phil, the board, and the outstanding team innovating world-class clean energy technologies and delivering the ambitious growth strategy of the company.”
At 0911 BST, shares in Ceres Power Holdings were up 0.36%, trading at 192.8p.