The appointment comes weeks after the suspension and subsequent resignation of former CEO Stuart Ashman
The Core at Newcastle Helix where SkinBioTherapeutics is based.(Image: Newcastle Journal)
A new interim CEO has been appointed at Newcastle life sciences firm SkinBioTherapeutics plc as it strives to “move forward and focus on accelerating” in the wake of an investigation into its former leader. The Newcastle Helix-based business, which is focused on skin health, announced to shareholders that it has appointed Rachel Parsonage as Interim CEO for a period of six months.
Ms Parsonage starts her duties with immediate effect and she is being introduced to the rest of the team today, Monday March 2. She will also serve as a member of the board.
The company said her appointment to the board is subject to the completion of normal regulatory due diligence being carried out by the company’s nominated adviser. The stock market note said Ms Parsonage is a seasoned senior executive with over 25 years’ experience leading consumer beauty and wellness businesses through growth and change.
She has held CEO and transformational level leadership roles across owned and licensed brand portfolios in both domestic and international markets. She currently runs her own advisory consultancy, Alera Advisory and before that she was at KMI Brands for over 16 years.
In other roles she owned Vita Management, an independent consultancy, and prior to that she was general manager at Pacific Direct, a company providing brand development for hotels working with luxury brands Elemis, Penhaligons and White Company.
Ms Parsonage’s appointment comes weeks after SkinBioTherapeutics’ share price crashed following the suspension and subsequent resignation of former CEO Stuart Ashman.
The AIM-listed firm last month said it had been conducting an investigation of the business and that it had “reason to believe that the former CEO has misrepresented material information to the board and senior management, the company’s auditors and advisors”. It said accrued royalty income was included in the audited FY25 accounts “due to a potential misrepresentation”, and that the amount – £770,000 – is to be removed from the accounts.
Now, Martin Hunt, executive chairman of SkinBioTherapeutics, has told shareholders how the company is working to move forward. He said: “In the past few weeks, our aim has been to take decisive action to stabilise the business, including the search for a new interim CEO, while we undertake a thorough investigation to resolve the current issues. We are therefore delighted to welcome Rachel to the team as interim CEO.
“Her background matches our immediate requirements exactly; she has over 32 years in total in the consumer and wellness sector, with a clear track record of stabilising brands and companies, managing stakeholders including partners, and driving sales and IP commercialisation.
“This appointment is one part of our plan to resolve the current issues as quickly as possible. With respect to the forensic investigation, we are balancing the thoroughness of an investigation within a clear cost-benefit framework, to remove any uncertainty around the business’ future. We want SkinBioTherapeutics to get back on track, move forward and focus on accelerating its growth again.”