Stephen Phillips, the former managing director and CEO, has agreed to stay in the role of executive director in sales and marketing, reporting to Purnell.

Chairman Bruno Camarri said “We believe that Mr Purnell has the credentials and experience to put the company in a position to capitalise on its excellent products and its position in the growing renewable energy market.” Purnell was state general manager for Stegbar Western Australia for 13 years.

Purnell will start on an annual salary of $170,000 with annual reviews and bonuses if certain hurdles (yet to be determined) are met.

Camarri said “We are pleased that Mr Phillips has agreed to stay and help with an orderly transfer of duties and contacts. Stephen is a founding shareholder and the founding managing director of the company. During his time, the company has developed power conditioning products with a first class reputation for reliable application in the renewable energy market. He steps down at a time when the company is poised to capitalise on the ever increasing opportunities for its core products.”

AES’ share price has been below 10c for most of this year. Currently trading at 7.8c, a year ago it was reaching highs of 28c.