Source: Advanced Braking Technology announcement

WANGARA, Australia – John Annand has stepped down as chief executive officer (CEO) of Advanced Braking Technology Limited (ASX:ABV, ‘ABT’ or ‘the Company’) effective immediately.

According to the company statement, “The Board of ABT advises Mr. John Annand will step down as Chief Executive Officer effective immediately by mutual agreement.”

Annand joined ABT as Chief Financial Officer in mid-2018 and was appointed Chief Executive Officer in late-2018.

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The Board has commenced an executive search to appoint a suitable replacement to be based at the Company’s head office in Wangara, WA.

During the search and transition period, Andrew Booth, Director Strategy and Commercial, will assume the role of Acting Chief Executive Officer and continue to oversee the day-to-day operations of the company.

“We would like to thank John for his contributions and guidance of the Company and wish him well in his future endeavors,” said Parsons.

“We have begun the search for John’s replacement. The Board and management remain focused on maximizing revenue generation in the current environment, developing and assessing future growth opportunities, both organic and inorganic, and increasing value for our shareholders.”