John Smellie, chief executive of Stirling-based insulation manufacturer Superglass, is to retire at the end of the year. He will be replaced by Alec McLeod, formerly managing director of competitor Saint Gobain Isover.
Smellie, 60, who has an 8.6% stake in the company, has led the business since 1990, leading the management buy-out from the Encon group in 2005 and the public flotation in 2007.
Superglass, which employs 180, posted a pre-tax loss of £200,000 for the first half citing “the most challenging conditions the group has experienced”, a statement said.
“Whilst Superglass’ trading environment remains very competitive, we are now seeing sustained demand for our products at increased levels through the Carbon Emissions Reduction Targets (CERT) programme. Trading outside the CERT programme continues to be difficult and in the UK there is still significant pressure on pricing. However, we are proactively managing our cost base, remain highly cash generative and continue to make debt repayments on schedule.”