Keyhole surgery instruments maker Surgical Innovations’ CEO Graham Bowland is to leave the company with immediate effect.
The group’s chief financial officer Mike Thornton has been appointed as the company’s interim CEO.
Mr Bowland’s departure follows the news last Thursday that Surgical made a £3.2m pre-tax loss for the six months to June 30, down from a £600,000 profit last year.
The group also said there is a “strong likelihood” it will shelve plans to relocate to a state-of-the-art clinical training centre in Leeds after what it described as “very disappointing” results.
The Leeds-based company was seen as a key player in the creation of a new medical park of international standing in Yorkshire, based at Thorpe Park in Leeds.
The group had secured a £5m Regional Growth Fund grant to build a state-of-the-art 10,000 sq ft clinical training centre in Leeds, as part of the project to relocate to the 58,000 sq ft facility.
Last week Mr Bowland said a decision over the park will be taken in the next few weeks.
Surgical said that given the recent performance of the business, the project will be reviewed with key stakeholders over the coming weeks which may lead to it being terminated.
It has written off its £420,000 investment to date as an exceptional item.
Surgical was due to be one of the first tenants at the new medical park.