A Wearside anti-counterfeiting technology firm Opsec Security Group has welcomed a new chief executive onto the board.
The Sunderland business, which makes holographic products that help to combat counterfeiting and fraud, has announced that Richard S. Cremona, has been appointed as CEO of the company and, subject to the satisfactory completion of the necessary regulatory requirements, will be appointed to the board of directors.
The 57-year-old, known as Rich, Ohio State University graduate comes to the North East after a varied career in the US, where he has been chief operating officer of Westell Technologies Inc. since last June.
Cremona has held a wide variety of executive management positions with AT&T, Lucent Technologies, Sprint and Openwave Systems, and from 2008 to 2013 he was chief executive officer of Kentrox Inc, based in Illinois, US.
In 2013, Kentrox was acquired by NASDAQ listed Westell Technologies, when he joined the firm as its chief operating officer.
Mark Turnage, the former chief executive officer, will continue to serve on the board in his new role as vice chairman.
Turnage said: “Rich brings to OpSec a wealth of executive and technology expertise which will, we believe, be of major assistance in helping the company realise its growth potential.”
Rich Cremona added: “I am very excited to join the OpSec team. The company is very well positioned to continue to be a market leader throughout the anti-counterfeiting industry.”
Last month the firm reported an operating loss of £2.2m in the year to 31st March 2014, an improvement on the £2.5m loss posted the previous year.
The recent loss was attributed to lower than expected orders from key Government protection customers and several one-off costs, including legal expenses and professional fees relating to a corporate transaction and non-payments from a customer in South America.
Turnover rose by 7% to £55.5m due in part to revenues generated by JDSU, the US-based holographic business acquired by Opsec for £7.5m in 2012.
The business said it would continue to look for acquisitions that add value to its technology portfolio.