Newcastle Life Sciences Firm Appoints Interim CEO Following Leadership Investigation
Newcastle-based life sciences company SkinBioTherapeutics plc has announced the appointment of a new interim chief executive officer as the firm works to stabilise its operations and accelerate growth in the wake of a significant leadership investigation. The business, which specialises in skin health and is headquartered at The Core in Newcastle Helix, has named Rachel Parsonage as its Interim CEO for a period of six months.
Immediate Leadership Transition
Ms Parsonage begins her duties with immediate effect and is being introduced to the wider team today, Monday March 2. She will also serve as a member of the company's board, subject to the completion of standard regulatory due diligence by the firm's nominated adviser. The appointment comes just weeks after the suspension and subsequent resignation of former CEO Stuart Ashman, which triggered a sharp decline in the company's share price.
Background of the New Interim Leader
According to the stock market announcement, Rachel Parsonage brings over 25 years of experience as a seasoned senior executive in the consumer beauty and wellness sectors. She has held CEO and transformational leadership roles across both owned and licensed brand portfolios in domestic and international markets. Currently, she runs her own advisory consultancy, Alera Advisory, following more than 16 years at KMI Brands.
Her previous roles include owning Vita Management, an independent consultancy, and serving as general manager at Pacific Direct, where she worked on brand development for hotels in partnership with luxury brands including Elemis, Penhaligons and White Company.
Context of the Appointment
The leadership change follows SkinBioTherapeutics' recent investigation into its business operations. The AIM-listed firm revealed last month that it had reason to believe former CEO Stuart Ashman had misrepresented material information to the board, senior management, auditors and advisors. This included the inclusion of £770,000 in accrued royalty income in the audited FY25 accounts due to potential misrepresentation, an amount that is now being removed from the financial statements.
Company's Forward Strategy
Martin Hunt, executive chairman of SkinBioTherapeutics, has outlined the company's strategy to shareholders. He stated: "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."
He emphasised that Ms Parsonage's background aligns perfectly with the company's immediate needs, noting her 32 years in the consumer and wellness sector and proven track record in stabilising brands and companies, managing stakeholders, and driving sales and intellectual property commercialisation.
"This appointment is one part of our plan to resolve the current issues as quickly as possible," Mr Hunt continued. "With respect to the forensic investigation, we are balancing thoroughness with a clear cost-benefit framework to remove uncertainty around the business's future. We want SkinBioTherapeutics to get back on track, move forward and focus on accelerating its growth again."
The company's leadership transition represents a critical step in addressing recent challenges and positioning the Newcastle firm for renewed stability and expansion in the competitive life sciences sector.
