Why the Titomic (ASX:TTT) share price is storming 10% higher today

The Titomic Ltd (ASX: TTT) share price is shooting 10% higher today following a change in its leadershipe team. Here's what the company announced.

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The Titomic Ltd (ASX: TTT) share price is on the move today following a reshape in its leadership team.

At the time of writing, the company's shares are trading at 46 cents apiece, up 10.98% for the day.

What did Titomic announce?

Investors are pushing Titomic shares higher after gaining a renowned expert to steer the company ahead.

In its announcement, Titomic advised that Mr Herbert Koeck, a recognised 3D printing solutions specialist, will become its new CEO. The appointment of Mr Koeck will replace interim CEO Mr Nobert Schulze, who will step into another role.

Over the last 5 years, Mr Koeck took on a position within the executive management team with 3D-printing solution supplier, 3D-Systems Corporation. As executive vice president global-go-to-market, Mr Koeck oversaw sales and global orders for the group, having an influence on product development.

Prior to this, Mr Koeck held the role of managing director for Europe, the Middle East, and Africa at Hewlett Packard.

Management comments

Titomic chair, Dr Andreas Schwer welcomed the new addition, saying:

Herbert is a proven leader with deep additive manufacturing experience, hard core marketing skills, business vision and ability to bring people together. His experience in bringing advanced technologies to customers around the world is exactly what Titomic needs as the Company enters its next chapter focusing on commercialising its Cold Spray Additive Manufacturing (CSAM) technology centred on building partnerships as well as joint ventures with customers.

Incoming Titomic CEO, Mr Koeck went on to add:

It is an honour to accept this position as CEO of Titomic. As a team, Titomic's employees have contributed their skills and talents to position Titomic as a leading global additive manufacturing company. The opportunity ahead is vast for Titomic and to capture the potential we must focus clearly, move fast and continue to transform.

Share price snapshot

Since this time last year, Titomic shares are down to more than 30%, with year-to-date performance also sinking around 10%. The company's share price hit a high of 92 cents in February, before treading lower.

Based on today's price, Titomic has a market capitalisation of around $70 million, with approximately 153 million shares on offer.

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. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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