This morning (20 November), Xaar announced that Tichias had resigned to pursue other opportunities, and, with the agreement of the board, his resignation would take effect immediately.

Tichias was approaching five years in the role, having joined the inkjet developer in March 2020.

Paul James, the former group CFO at Biffa, has been appointed as interim CFO and executive director until a permanent replacement for Tichias is found.

Xaar chairman Andrew Herbert thanked Tichias for his contribution and commitment to the business.

“He has played a significant role in delivering a re-invigorated strategy and leaves Xaar with a healthy balance sheet ensuring that the business is well-positioned to capitalise upon the significant market opportunities that lay ahead of it. We wish him the very best for the future,” Herbert said.

“We are pleased to have someone of Paul's calibre as interim CFO and his experience will help us maximise the group's significant opportunity."

James stepped down from his role at Biffa at the end of October and had planned to take a career break according to a recent post on LinkedIn.

Shares in Xaar have been on the slide and are down just over 30% over the past six months and descended to a 52-week low of 80.60p earlier this week (52-week high: 179.00p).

The Cambridge-headquartered business posted disappointing interim results in September, with sales down 17% to £28.6m on the back of ongoing decline in the legacy ceramics market and a slump in sales at object printing wing EPS.