Head of corporate development Shomit Kenkare will replace Lily Liu as CFO on the firm's main board. Liu announced she was leaving to join packaging group Essentra earlier this year.
Kenkare joined Xaar from Kodak in June, in the newly created role of head of corporate development. However, his 20-year career at Kodak was spent in increasingly senior finance roles, and he was CFO and vice-president of finance for Kodak's Enterprise Inkjet, Software and Solutions, and Advanced Materials and Micro 3D Printing divisions before joining Xaar.
Xaar chief executive Doug Edwards said Kenkare had already made a “significant, positive impression” at the business. “With his extensive global industry experience and exceptional financial credentials, I have no doubt that Shomit's knowledge and strategic insight will be of immense value to the group. I look forward to working closely with him as we continue with our business transformation,” he said.
Edwards said Kenkare’s previous role would not be directly replaced and the corporate development function would be absorbed by the firm's executive team.
The new role is effective 15 November. Xaar corporate reporting manager Camila Cottage will become company secretary on the same date.
The Cambridge-headquartered inkjet manufacturer is under pressure from investors after posting two profit warnings this year and a big drop in sales in its interim results.
