Matt's finish: Tristel seeks new CEO as Sassone takes top US role

Ironically, Tristel is growing fast in the US and is being heralded as a potential star turn on that side of the Atlantic.

AIM-quoted Tristel timed the announcement to coincide with a great trading update which outlined the company's continued progress. The share price rose slightly on the trading news and would undoubtedly have shot higher had Sassone's impending departure not been bracketed.

Tristel makes infection prevention products and for the six months ended December 31 reports that H1 revenues increased by 14 per cent year-on-year.

The company continues to be debt free and cash generative and cash balances at period-end hit £13.3 million. It reported continued progress in the US with revenue growth in line with internal forecasts.

These highlights are based on unaudited figures and the company intends to announce its interim results in early March.

The only cloud on the brightest off horizons is the departure of Matt Sassone. The lure of leading a significant global business proved too appealing to resist, he revealed.

Sassone will actively continue in post until the end of the financial year and has fully committed to continue leading the business through this period. The Board has already started the process to appoint a new CEO and is confident that there is sufficient management depth in the business to ensure that trading will not be impacted during the transition.

Sassone said: "This is undoubtably one of the hardest business decisions I have ever had to make. The real strength of Tristel has never been one person, as the business has been carefully built on leaders at every level.

"Our strategy for growth is robust and remains unchanged, and the momentum we have is very real and can be seen already in the strong H1 performance. I am confident that the investment case of the business remains as compelling as ever.

"The opportunity I have to return to the US with my family, and to work in such a senior role with a large US multinational, is one which resonates with me on a personal level. It is with a very heavy heart that I will be leaving Tristel and I remain confident in our ability to take full advantage of the market opportunities, particularly in the US where there is clear evidence of traction and scale-up potential. Any new CEO coming into this role will see that this business has a well established platform to deliver significant growth.”