CEO of Newcastle Skin Health Innovator Steps Down Following Suspension
Stuart Ashman, the chief executive officer of SkinBioTherapeutics, a prominent Newcastle-based healthcare innovator, has resigned from his position. This development comes after the company's board suspended him and initiated an investigation into matters related to his conduct.
Investigation and Leadership Changes
The board of SkinBioTherapeutics, which is headquartered at The Core in Newcastle Helix, announced the suspension and subsequent resignation to investors via the London Stock Exchange. While specific details of the investigation were not disclosed, the company has engaged external advisers to look into the conduct issues.
In response to this leadership vacuum, Martin Hunt, the non-executive chairman, has taken on the role of executive chairman on an interim basis. The company stated that he will receive support from the rest of the board and the leadership team to ensure business continuity and stability during this transitional period.
Additionally, SkinBioTherapeutics has begun a search for an interim CEO to be appointed as soon as possible, with plans to find a permanent replacement in the longer term. This move aims to maintain operational efficiency and strategic direction amidst the upheaval.
Growth Under Ashman's Leadership
Stuart Ashman had been at the helm of SkinBioTherapeutics since 2019, during which time the company experienced a period of substantial growth. Under his guidance, the firm secured key partnerships, including a deal with pharmaceuticals giant Croda and collaborations with major high street retailer Superdrug, leading to the widespread availability of its products.
The company's financial performance improved significantly during his tenure. In the year ending June 2025, revenue surged from £1.2 million to £4.6 million, while operating losses were reduced from £2.9 million to £1.1 million. In December 2025, Ashman expressed optimism about further revenue growth in 2026, highlighting the firm's positive trajectory.
Company Background and Acquisitions
SkinBioTherapeutics specializes in SkinBiotix technology, which leverages the human microbiome—the community of microorganisms in the body—to enhance wound healing and lower infection risks. This innovative approach has positioned the company as a leader in the skin health sector.
Under Ashman's leadership, the company pursued an aggressive acquisition strategy. In early 2024, it acquired Dermatonics Limited, based in Cambridgeshire, a move expected to yield cost synergies and provide a platform for developing advanced topical creams and capsules. Later that year, the firm purchased Bio-Tech Solutions Ltd (BTS), a Yorkshire-based manufacturer of health, hygiene, and personal care products, for £1.25 million.
Ashman's Professional History
Prior to joining SkinBioTherapeutics, Stuart Ashman held several high-profile roles in the healthcare and medical devices industries. He served as CEO at Finnish medical device company Onbone and was president and CEO of Andover Healthcare Inc, a US-based wound management manufacturer. His career also included positions as president and CEO of UK medical engineering business TI Group, along with roles at BSN Medical and Smith & Nephew, showcasing his extensive experience in the sector.
The resignation marks a significant shift for SkinBioTherapeutics as it navigates this investigation and seeks new leadership to build on its recent successes. The company remains focused on its mission to advance skin health through innovative microbiome-based solutions.
