Swedish textile company Renewcell, a specialist in developing new raw materials from textile waste, has announced the departure of chief executive, Patrik Lundström. Mr Lundström had held the position since 2019.

It said Magnus Håkansson would become acting chief executive with immediate effect while it launches a search for a permanent replacement.

Renewcell chairman, Michael Berg, said there had been “a slower adoption in the value chain” of the company’s technology than it had hoped for. He said this had led the board to decide that new leadership was necessary.

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