Proactive Investors - Tirupati Graphite (LON:TGRT) said it is overhauling its management structure with Shishir Poddar to split his role as executive chair.
New independent appointments to the board are also being sought to address shareholder concerns over corporate governance, the graphite producer said in a statement.
“We are making good progress on this front with announcements expected in the near future regarding board composition changes," Poddar commented.
“As part of this process, we are seeking to split the role of CEO and executive chair, with the appointment of a new non-executive chairman.”
Poddar said he would become CEO, adding that Tirupati is also looking for a London-based chief financial officer.
The company has received a general meeting requisition notice from a group holding 5.8% of the shares who have proposed replacing most of the current board.
Tirupati said it would announce its response to this shortly.
Results for the year to end March 2024 showed sales rose by 70% even though production was lower than expected and is still being hampered by working capital constraints.
Revenues were £4.9 million (FY23: £2.89 million), but gross profit fell 62% to £514,000
Production increased by 49% to 7,096 tons (FY23: 4,770 tons) driven by a debottlenecking programme, but this was beneath achievable capacity due to working capital constraints.
Poddar said: “During the year we successfully managed to grow our commercial production year on year, with 70% growth in sales revenue and 49% year-on-year production growth despite the company's working capital limitations.”
Tirupati added it is engaging with professional investors and high-net-worth individuals to resolve the working capital gap.