SDI Group PLC on Monday said its chief executive officer has stepped down, naming its chief operating officer as successor.

The Cambridge, England-based medical technology company said Mike Creedon departed after 12 years as CEO and 14 years at the company.

SDI named COO Stephen Brown as Creedon’s successor, with both executive changes being effective from Friday last week.

Brown joined CDI as COO in September last year and has held a number of senior positions with ‘prestigious global product and technology focused businesses’, SDI said. His recent roles include being COO in a non-board capacity at AIM-listed AB Dynamics PLC and CEO & operating partner at BP Launchpad, part of BP PLC.

‘We would like to thank Mike for his leadership of SDI over the past decade. The group has grown significantly with a number of excellent acquisitions, adding great people, products and technologies. Stephen has already made an excellent start within the group, identifying a number of areas where we can continue to develop the strength of the group. We continue to look forward to the future with great confidence,’ said Chair Ken Ford.

Brown commented: ‘SDI has built a strong business, with excellent opportunities for the future. For over ten years SDI has grown value by focusing on a clear and straightforward strategy, and this will not change. We acquire private companies at a significant discount to those on the quoted markets. These subsidiaries are then encouraged to grow for the benefit of all stakeholders. I am pleased to report that we continue to have a number of new acquisition opportunities under review. I look forward to a busy and prosperous 2024 and beyond.’

Shares in SDI were down 7.4% to 75.00 pence each in London on Monday morning.

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