Titomic appoints Jim Simpson as new CEO, secures AUS $30 million
October 16, 2024
Titomic Limited, headquartered in Brisbane, Australia, announced that Jim Simpson will succeed CEO and Managing Director Herbert Koeck, who has informed the board that he intends to retire at the end of 2024.
In the interim, Simpson will assume the role of president of Titomic USA, Inc and Deputy CEO of Titomic Limited. In addition, Dag W R Stromme will assume the role of Executive Chairman to assist with and facilitate the transition of Titomic to new leadership, as well as its expansion to the United States.
Simpson has more than 40 years’ experience in the Satellite, Aerospace, and Defence sectors, having held leadership roles ranging from CEO of satellite companies Saturn Satellite Networks and ABS Corporation, to senior leadership positions at Virgin Orbit, Aerojet Rocketdyne, as well as Boeing. He possesses intimate know-how and in-depth experience within the US national security, international, commercial, and civil space arenas.
“We are thrilled to welcome Jim to Titomic. Jim is a deeply experienced and respected leader in the Satellite and Aerospace sector, having served as both CEO of early stage companies as well as senior executive of established OEMs. He has a proven track record of driving growth, innovation and team building,” said Stromme. “We look forward to working with Jim as he leads Titomic into its next phase of expanded product innovation and accelerating growth.”
“The Board would like to thank Herbert Koeck for his strong leadership at Titomic since 2021, steering Titomic from an R&D focused company to a commercially focused cold spray company primed for growth. We are extremely grateful for Herbert’s contribution and look forward to working with him in the transition period,” continued Stromme.
Titomic raises AUS $30 million
The company also announced it has received binding commitments for an upsized two-tranche placement to raise approximately AUS $30 million. The placement will result in the issuance of approximately 250 million new fully paid ordinary shares to eligible investors at a price of AUS $0.12 per new share.
“This highly successful equity placement marks another significant milestone for Titomic. Investor demand substantially exceeded the initially targeted raise of A$25 million, and the Company elected to upsize the offering to A$30 million,” added Stromme. “We are now in an excellent position to advance our cold spray technology by executing our US expansion to Huntsville, Alabama, expanding our global manufacturing footprint as well as further advancing our coating and repair solutions.”
The funding and Jim Simpson’s appointment come as Titomic expands by establishing a new operational headquarters and manufacturing facility in Huntsville, Alabama. This strategic move is said to be driven by the increasing interest from the US Government and defence OEMs in Titomic’s advanced Cold Spray technology for manufacturing titanium parts for missiles, aerospace applications, and coating and repair solutions. Huntsville offers Titomic the opportunity to better serve the growing US market and aligns with its global expansion plans.
