Why the Xtek (ASX:XTE) share price is edging higher today

The Xtek Ltd (ASX: XTE) share price is edging higher today following the appointment of new non-executive director, Mr Christopher Pyne.

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The Xtek Ltd (ASX: XTE) share price is edging higher today following the appointment of a new non-executive director. At the time of writing, the Xtek share price is up 0.81% to 62 cents. In comparison, the All Ordinaries Index (ASX: XAO) is down 0.72% to 6774.7 points.

What's moving the Xtek share price?

The Xtek share price is inching higher after the company announced that former Minister for Defence, Mr Christopher Pyne, will be joining its board.

According to the release, Mr Pyne holds significant experience in the commercial, political and defence industries. Having served as a member of parliament for 25 years, he was responsible for initiating Australia's $200 million defence program. In addition, Mr Pyne assisted in developing the 2016 Defence White Paper and implementing projects within it.

Mr Pyne is the current chair of Pyne and Partners, and principal of GC Advisory, both of which provide consulting services to businesses on government and political matters. Based in Adelaide, South Australia, these companies operate domestically and overseas.

Accredited as an industry professor at the University of South Australia Business School, Mr Pyne specialises in the defence and space environments. In the lead up to his position in parliament, he practised law as a solicitor at Corrs Chambers Westgarth and Thomson Geer.

The strategic appointment will seek to utilise Mr Pyne's skillset to assist Xtek in commercialising its products in global markets.

Management commentary

Xtek chair, Mr Uwe Boettcher, spoke on the new appointment of Mr Pyne, saying:

We are delighted to welcome Christopher to the XTEK Board. His extensive experience and expertise, and his vast knowledge of the Australian Defence Industry, will be of immense value to the Company as it continues to execute its strategy to commercialise its proprietary technologies globally, as well as further strengthen its domestic capabilities.

We look forward to working with Christopher going forward and his contribution to XTEK.

Adding to Mr Uwe Boettcher's comments, Mr Pyne said:

XTEK is on the verge of significant growth as it continues to develop and commercialise its IP globally, building on its domestic distribution networks and capabilities. I look forward to contributing to this next stage of growth and being part of this market leading Company.

Xtek share price summary

The Xtek share price is up over 10% since the start of the month, and 61% since hitting an all-time low of 38.5 cents in March. However, when compared with the beginning of 2020, the Xtek share price is down around 18%.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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