Electro Optic Systems (ASX:EOS) share price edges lower amid senior leadership appointment

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The Electro Optic Systems Hldgs Ltd (ASX: EOS) share price is heading south today despite the company announcing a key appointment.

During mid-afternoon trade, the communications, defence, and space company’s shares are down 2.27% to $2.15 apiece.

Electro Optic Systems creates new position

In today’s statement, Electro Optic Systems advised that it has created the brand new position of deputy chief executive officer.

Taking up the role will be CEO of EM Solutions (a business unit within Electro Optic Systems), Dr Rowan Gilmore.

Effective immediately, Dr Gilmore will be tasked with budget execution and compliance, productivity improvements, and mentoring the senior leadership team.

Electro Optic Systems noted that EM Solutions is an important element of its SpaceLink space communications program.

Dr Gilmore’s 10-year tenure at the helm of EM Solutions masterminded a small company into a world-class technology developer. As such, microwave and on-the-move radio and satellite products are currently being used by six navies across the globe.

Before his inclusion into EM Solutions, Dr Gilmore worked for SITA, a company providing software and telecommunications to more than 600 airlines in the world.

Electro Optic Systems stated that Dr Gilmore leaves his business unit in fantastic shape, with 2021 revenues exceeding $25 million. There is also an order book backlog of around 18 months.

Replacing his position, EM Solutions’ Director of Programs John Logan and previous Director of Operations Georgios Makris will fill the void.

Electro Optic Systems share price snapshot

It has been a difficult 12 months for shareholders, with the Electro Optic Systems share price tumbling around 62%. The company’s shares reached a 52-week low of $2.08 today, before rebounding slightly higher.

Electro Optic Systems commands a market capitalisation of roughly $324 million and has approximately 151 million shares on issue.

Source: https://www.fool.com.au

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