Omega Diagnostics chief executive King steps down
Colin King has stepped down after six and a half years as chief executive of Scottish medical testing firm Omega Diagnostics.
Mr King, pictured, has been replaced with immediate effect by Jag Grewal, currently managing director of the health and nutrition division.
The change follows a long period of uncertainty for the company over a government contract for its Covid testing kits.
Mr Grewal has been a member of the Omega board since joining in June 2011 and has more than 25 years’ commercial experience as well as an extensive network in the fields of in vitro diagnostics, life science research and drug discovery.
Omega also announces that Bill Rhodes, non-executive director, has notified the board that he will also step down from his role at the end of February 2022. The company is seeking new non-executive directors.
Further to recent speculation, Omega said it can confirm that it currently has cash balances in excess of £2.5m and an undrawn overdraft facility of £2.0m.
“Thus, there is no short term need to raise additional capital. Like all growth companies, Omega will look to raise funds to drive growth as and when appropriate,” it said in a statement to the stock exchange.
Simon Douglas, chairman, said: “On behalf of the Board I would like to thank Colin for his contribution to the business over the last six and a half years.
“Colin has been a valued leader of the Omega team and it is with considerable regret that he has decided to step down and I would like to wish him all the best in his future endeavours. I also offer my thanks to Bill for his support for the company during his tenure as chairman and latterly as non-executive director.
“I would also like to welcome Jag into this new role and we look forward to working together on the next phase of Omega’s exciting future.”