19/12/2007 - 14:52

QRSciences appoints new CEO, chairman

19/12/2007 - 14:52

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QRSciences Holdings Ltd has this week appointed a new chief executive and chairman, signalling a shift in its corporate base from Perth to the east coast.

QRSciences Holdings Ltd has this week appointed a new chief executive and chairman, signalling a shift in its corporate base from Perth to the east coast.

Former Hills Industries general manager Rick Stokes has been appointed chief executive and executive director, while current Australia Pacific Exchange Ltd chairman Ray Schoer has taken the position of non-executive chairman - both replacing Kevin Russeth as CEO and executive chairman, respectively.

Mr Stokes has been involved in the electrical and security industry for 22 years where he has successfully developed and operated numerous electrical contracting and security distribution businesses.

Mr Stokes was the founder of Vicam CCTV systems which revolutionized the delivery of CCTV products in the Australian market in the early nineties.

The Vicam business was acquired by Hills Industries in 1996 and later merged with Pacific Communications in 1998 under Hills Ltd ownership.

Mr Stokes became general manager of Pacific Communications building it into a market leader capturing turnover in excess of $40 million, representing 40 per cent market share.

Mr Stokes founded Melbourne based, Q Video Systems in 2004 which was subsequently acquired by QRSciences Holdings Ltd in 2007.

The business has grown into the second largest CCTV distributor in the country in a very short period of
time and will deliver a positive EPS for the distribution division this year.

Mr Schoer's directorships include chairman of ANZ Rabinov Diversified Property Trust, and director of Ferngrove Vineyards Ltd, Pluton Resources Ltd, QRSciences Holdings Ltd and Gujarat NRE Resources Ltd.

As previously announced to the market, Mr Russeth will continue in his role as managing director working closely with Mr Stokes with a primary focus on creating value for the company's technology interests including QRSciences Pty Ltd and Spectrum San Diego.

 

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