Hydrodec Group plc , the cleantech industrial oil re-refining group, announced on December 4 that Ian Smale will step down as Chief Executive of the Company by mutual agreement. Since joining in 2012, Ian has led the Company’s expanded footprint and been fundamental to the development of the Company’s strategy.

The company also announced the appointment of its current Chief Financial Officer, Chris Ellis, as Acting Chief Executive with immediate effect. Chris’ appointment is for an initial term of up to 6 months and Chris will, in the near term, undertake the roles of both Acting Chief Executive and Chief Financial Officer. Chris is a qualified chartered accountant and has more than 20 years' board level finance and management experience of running a range of large, complex international businesses as well as small and medium sized ventures, including a significant period within GE Capital. The Board believes no immediate replacement for the role of Chief Financial Officer will be required as Chris will continue to work with the Board and his finance team to ensure processes are in place to ensure his ongoing financial role is appropriately supported. The Company intends to commence an appropriate process to make an executive appointment to the Board in due course as necessary.

The Company also announced the same day that Caroline Brown will assume the role of Senior Independent Director with effect from December 7, having joined the Company as an Independent Non-Executive Director and Chair of the Audit Committee on 23 September 2015. Caroline will support Chris in ensuring the financial function is appropriately managed and monitored.

Chairman, Lord Moynihan stated: "The ongoing ramp-up to full operations in Canton coupled with the recently announced long-term funding are a platform for a strong focus on operational delivery and the next phase in the Company’s development. The Board is grateful for Ian’s leadership through the recent difficulties which we believe are now behind us."

"2016 will be an important year for Hydrodec. With our Canton plant in production, the focus is on production and sale of transformer oil into the U.S. market as this represents the key generator of cash in the Company portfolio. We remain confident that the rebuilt and expanded plant has a unique market proposition and is well placed in 2016 to leverage the production of the highest quality transformer oil produced in the US. Our objective remains to grow a profitable Company and deliver value for shareholders through integrated used oil re-refining solutions based on market-leading proprietary technology."

Hydrodec's plants are located at Canton, Ohio, US and Young, New South Wales, Australia. In 2013, Hydrodec acquired the business and assets of OSS Group, the UK's largest collector, consolidator and processor of used lubricant oil and seller of processed fuel oil, with a national network of oil storage and transfer stations. Used oil is converted into processed fuel oil at OSS’s plant at Stourport and principally sold on to the UK quarry and power industry. In April 2015, Hydrodec further acquired the business and assets of Eco Oil, a leading UK waste oil collector and supplier of recycled industrial fuel oil into the power and road stone industries. It is also one of four significant providers of waste management services to the marine industry in the UK, specifically oily-water slops or marine pollutant (MARPOL). The company said that in line with its stated intention to develop a base oil re-refinery in the UK, it has an exclusive licence agreement with California-based Chemical Engineering Partners (CEP) to develop the CEP wiped-film evaporation and hydrogenation technology in the UK as well as the basic engineering for a 75 million litre per annum capacity base oil re-refinery.