Changes at the top for Titomic as it conducts reported $20 million capital raise

Cold spray additive manufacturing business Titomic has announced that current CEO Herbert Koeck will leave at the end of 2024, with defence and aerospace executive Jim Simpson to begin as CEO on January 1.

Coming just after the company was put in a trading halt – reportedly seeking to raise $20 million from investors – on Monday morning, Titomic said Simpson will initially step into the roles of Deputy CEO of the group and President of its Titomic USA, Inc. division.

Chairman Dag W.R. Stromme will also move from Chairman to Executive Chairman “to assist with and facilitate the transition… to new leadership, as well as [Titomic’s] expansion to the United States.”

The statement describes Simpson as having 40 years’ experience in satellite, aerospace and defence industries and a CV including various leadership roles at ABS Corporation, Virgin Orbit, Aerojet Rocketdyne, and Boeing. 

“We are thrilled to welcome Jim to Titomic,” said Stromme.

“He has a proven track record of driving growth, innovation and team building. 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.”

The developments come during a year when Titomic upped sales of its portable low-pressure machines for industrial equipment repair, and entered the US with a sale of its higher-end Titomic Kinetic Fusion System to Triton Systems for approximately $1.2 million in May.

This was followed at the beginning of July by the announcement of another sale (of similar value) of a custom-built high-pressure system to the Oregon Manufacturing Innovation Center. 

Later that month the company also announced the appointment of Dr Patricia Dare to lead its defence and aerospace efforts in the US.

According to The Australian Financial Review’s Street Talk column, Titomic has “its lead broker Shaw and Partners rounding up investors” for the raise.

Picture: credit Titomic

Further reading

Titomic makes first machine sale in Australia

Titomic makes $1.2 million sale to Oregon Manufacturing Innovation Center

Titomic continues inroads into US defence market with new appointment

Titomic in biggest-ever sale of 3D printers – destined for Ukraine