Superglass chief McLeod to step down in August
LOSS-MAKING Scottish insulation manufacturer Superglass has announced that chief executive Alex McLeod is to leave in August “by mutual agreement”.
Stirling-based Superglass, which makes glass wool and mineral fibre insulation, announced the impending departure of Mr McLeod yesterday as it said that it expected to post a loss of £1.9 million, before interest, tax, depreciation and amortisation, for the six months to February 28.
Explaining this loss, Superglass, which employs 157, highlighted low sales volumes in the first half of its financial year.
It said: “Partially as a result of customer uncertainty in advance of the successful refinancing of the company completed at the end of October 2014, demand for t he company’s products remained subdued during the majority of the first half of the current financial year.
“The ongoing failure of the Green Deal and Energy Company Obligation to deliver any meaningful volumes further compounded a challenging commercial backdrop.”
Superglass, which had made a loss of £2.3 million on the same measure in the six months to February 2014, cited positive developments and noted construction markets, particularly housebuilding, continued to grow strongly and had started to generate higher volumes for it since the turn of the year.
Superglass said a search had already begun for a successor to Mr McLeod, with internal and external candidates being considered. It added: “After five years as chief executive officer and as the company enters a new phase in its development, Alex McLeod has decided the time is now right for him to pursue other career opportunities.”