Stuart Paynter tapped as new Ceres Power CFO

6th Sep 2024 08:58

(Sharecast News) - Ceres Power announced the appointment of Stuart Paynter as its new chief financial officer and a board member on Friday, effective 1 October.

The London-listed firm said Paynter, who would bring extensive experience from the technology and financial sectors, would replace current finance chief Eric Lakin, who was stepping down after nearly three years in the role to pursue other interests.

Lakin would remain with the company temporarily to ensure a smooth transition.

Paynter was joining Ceres from Oxford BioMedica, where he served as CFO and board director for seven years.

During his tenure, Oxford BioMedica saw significant growth, increasing its revenue more than five-fold and expanding its international presence in both the US and Europe.

Paynter also held various senior finance and strategic roles at FTSE 100-listed Shire, adding to his strong capital markets and governance experience.

The board noted that Paynter is Chartered Accountant with a degree in physics from Imperial College.

"I would like to extend a very warm welcome to Stuart - he is hugely experienced in growing technology businesses through licensing and partnerships, and I know he will be a great addition to the business," said chief executive officer Phil Caldwell.

"I would also like to take the opportunity to offer my sincere thanks to Eric for his contribution and support.

"Eric has been a valuable member of my executive team and the whole business wishes him the very best for the future."

The company noted that Paynter's background in capital markets and transformation, coupled with his experience in advanced technology sectors, positions him well to support Ceres' future growth initiatives.

"I am delighted to have the opportunity to join Ceres in its mission to enable a net zero future," commented Stuart Paynter.

"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% at 192.8p.

Reporting by Josh White for Sharecast.com.