FORMER John Menzies finance director Paul Dollman has agreed to become chairman at Smart Metering Systems (SMS).
The move sees Kevin Lyon, who previously ran 3i in Scotland and holds a range of other non-executive positions, stepping down straight away.
Mr Lyon has been chairman at the Glasgow company, which operates metering systems and databases on behalf of energy companies, for two-and-a-half years, including during its flotation on the AIM market.
He is understood to be leaving to pursue his other business interests and said: "By the end of June 2013, our total gas meter portfolio had increased from around 220,000 at float to in excess of 400,000, generating a recurring index linked meter rental income stream of over £13m and growing.
"I am confident that I leave the company in good shape and well-positioned to continue to grow and I have no doubt that Paul will be an outstanding addition to the board."
Mr Dollman, 57, spent more than 10 years at John Menzies and was heavily involved in the growth of its aviation division. He has also been finance director at drinks giant William Grant & Sons as well as holding senior roles in Inveresk, Maddox Group and Clydesdale Retail Group. Currently, he is a non-executive director of the Scottish Amicable Life Association Society and a member of the audit committee of The National Library of Scotland.
At SMS, he will chair the remuneration and nomination committees as well as sitting on the audit committee.
Mr Dollman said: "I look forward to using my experience at John Menzies plc to help SMS to make the most of the significant growth opportunities ahead."
SMS chief executive Alan Foy said Mr Lyon had been particularly helpful in getting the company on to the stock market. Shares in the company were listed at 60p in July 2011 and closed yesterday flat at 324.5p
Mr Foy indicated the company hopes to appoint further non-executive directors to its board.
Interim results for the first six months of this year showed turnover at SMS rising 42% to £13.2 million with pre-tax profits up 30.9% to £3.5m.
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