K-TIG adds former Bapcor CEO to board of directors
K-TIG has appointed Darryl Abotomey as a non-executive director of its board.
High-tech welding manufacturer K-TIG (ASX: KTG) has appointed management executive Darryl Abotomey as a non-executive director of its board, effective 4 April.
Mr Abotomey has over 30 years of executive leadership and financial expertise gained through roles across the manufacturing, global paper and packaging distribution, and automotive aftermarket industries.
His most recent role was as chief executive officer and managing director of Australasian automotive aftermarket supplier Bapcor (ASX: BAP) where he played a key role in the business’ strategic growth, growing its revenue from $300 million to $1.9 billion per year.
Career experience
From 2000, Mr Abotomey served as chief financial officer and board director of Australian paper merchant Paperlinx, where he led due diligence, funding and settlement negotiations for international acquisitions and transitioned the business involving multi-country legal, financial, statutory, business culture, cultural, tax and insurance issues.
From 2006 to 2010, he was chief financial officer, chief operating officer and board director of automotive aftermarket parts and accessories supplier Exego Group (trading as Repco) and an independent director of CPI Group.
Mr Abotomey’s other career positions have included chief financial officer with US-based Amcor Sunclipse and regional and group general manager at Amcor Fibre Packaging and Amcor Printing Papers Group in Australia, where he was responsible for international trade and logistics.
He has extensive experience in strategy, business restructuring, information technology and product launching.
K-TIG chairman Stuart Carmichael welcomed Mr Abotomey to the board.
“Darryl brings a considerable depth of experience across a range of domestic and international businesses which will be of significant importance and value to our company as we move forward,” he said.
Share placement
Mr Abotomey’s appointment follows the launch of a $4 million capital raising last month to accelerate K-TIG’s strategic growth initiatives.
The company received commitments to raise the funds via private placement for the issue of approximately 11.4 million fully paid ordinary shares at $0.35 each.
A number of the company’s directors also participated in the placement, which is subject to shareholder approval.
Net proceeds will be used to accelerate K-TIG’s growth strategy in nuclear and defence, and to promote new partner alliances to increase market penetration.
The company will also commit funds to furthering its research and development activities and for ongoing working capital requirements.