Strategic changes to its board and management team are expected to set up Synertec Corporation Ltd (ASX:SOP) for its next phase of growth.
The biggest change will be David Harris into the role of head of Technology Solutions.
The executive director, CFO and company secretary will conclude these responsibilities and will now focus exclusively on business development, sales and the delivery of Synertec’s proprietary 100% renewable microgrid and standalone power system technology, Powerhouse.
Harris will also retire from the board on November 28, 2024.
“Personally and on behalf of the board, I would like to thank David for his significant contributions to the company as executive director, chief financial officer and company secretary over his tenure, which began in 2017 prior to the company's ASX listing,” CEO Michael Carroll said.
“David has provided strong and effective leadership, commercial acumen and governance to the company over that time, which was particularly valuable as we transitioned from a private business to an ASX-listed company, throughout the global COVID pandemic, and when the business increased in complexity as the success of our Powerhouse technology provided a strategic catalyst for restructuring of our operational segments and capital requirements.
“I look forward to continuing to work closely with David now in his role as head of Technology Solutions, focused on growing our technology business and expanding market share across our target markets.
"David's strong commercial acumen and negotiating skills, his outstanding work ethic and detailed understanding of the Powerhouse technology and its delivery from when it was originally proposed many years ago, as well as its key target markets, are a strength for Synertec in ensuring it is well positioned in the market and is delivered to our customers efficiently.”
Rapid market traction
The move comes at a time when Synertec’s technology is gaining rapid market traction in Australia and internationally. Powerhouse’s commercial potential spans multiple industrial sectors, demanding high-level commercial and operational expertise for optimal execution in sales and delivery.
“I greatly appreciate the opportunity to have worked closely with Michael and the board as CFO since the company’s successful ASX listing, and to have officially served the board since 2018, when requested to step into the role of company secretary, and in 2021 when asked to join the board as an executive director," Harris said.
"Together, we have managed the business through both exciting and challenging times over those years.
“I have immense passion for Synertec and its future success, our dedicated team, strong culture and the products and services we continue to deliver to our loyal and valued customer base.
"I am excited to be focusing on the evolution of Synertec's important technology products and services, which have been building steadily since the success of the Powerhouse technology prototype.
"As it expands and is delivered at scale across target markets, our Powerhouse technology will make a substantial positive contribution to the world's transition to a low-carbon economy.”
Stepping up as CFO
Taking Harris’ place as CFO will be Yash Gala, the current general manager of finance.
Gala brings 20 years of experience with high-growth global and publicly listed companies, and has been closely collaborating with Harris and CEO Michael Carroll in preparation for this transition.
Before joining Synertec, Gala held the position of head of financial planning and analysis at Planet Innovation, a health technology innovation and manufacturing firm with a team of more than 500 engineers.
His experience also includes serving as financial controller for The Reject Shop Ltd and holding other senior finance roles within global publicly listed companies.
"Yash brings extensive relevant expertise in leading large and growing technology, engineering and manufacturing businesses and possesses a broad commercial skillset which makes Yash an excellent successor to David," Carroll said.
"They have worked closely together and Yash was instrumental in the delivery of the recent transformational capital funding structure announced in May this year,"
Gala will oversee and optimise Synertec’s financial operations and will work closely with Carroll on the company's investor relations activities.
New company secretary
Synertec has also appointed Stefan Ross from Vistra (Australia) Pty Ltd as company secretary, effective immediately.
Ross has more than a decade of experience delivering company secretarial services to ASX-listed companies and has provided specialised support to Harris and the Synertec board over several years.
As such he has a strong understanding of the company’s operations and governance.