Mark Burgess to leave Quickstep, Demi Stefanova is interim CEO

Long servicing CEO and Managing Director and board member Mark Burgess is to leave composites manufacturer Quickstep to pursue other opportunities, according to the Sydney company.

The company’s Chief Operating Officer Demi Stefanova will assume the role of Interim Chief Executive Officer, effective immediately.

The Chair of Quickstep Patrick Largier said: “The evolving aerospace market combined with limited cost effective options for future growth capital has resulted in a pragmatic refining and sharpening of the strategy for the company.

“This strategy refinement, outlined in recent announcements, requires a more operationally focused leadership style and a prioritised approach to new business development.

“Given this change, Mark has decided to leave the business.”

Burgess has led Quickstep to success in the advanced aerospace market with headline customers including Northrup Grumman and Lockheed Martin, a market entry into the US defence space and most recently led the company into the drone manufacturing sector.

However profits have proved elusive in recent years leading to a change in direction including the divestment of Quickstep’s aerospace maintenance business and the right sizing of its Sydney aerospace structures manufacturing operation.

Burgess has placed the company on the path to profitability, however shareholders have been tough on unprofitable technology manufacturers, leading to a languishing share price.

Largier said Burgess had made a valuable contribution to the business over the past seven years and ‘the board has appreciated the energy and significant skills that he has brought to the role’.

“The Board would like to thank Mark for his contribution and wish him the very best for the future.

“A process to appoint a new CEO and Managing Director will be followed in due course.”

Stefanova joined the business in 2022 as Head of Operational Excellence and was promoted to Quickstep’s Chief Operating Officer in 2023.

Largier said: “She has recently led the successful restructuring of the Structures business in Bankstown.”

Stefanova said she would be focused on leveraging Quickstep’s existing strengths and unlocking untapped potential to deliver increased value for both our customers and shareholders.

Picture: Demi Stefanova