Genetic Technologies appoints executive director

Molecular diagnostics company Genetic Technologies (ASX:GTG) has announced the casual appointment of Eutillio Buccilli as its new executive director.

Buccilli has more than 35 years of senior management experience in the financial services, contracting and recruitment, property and retail industries in Australia and the US. He has held senior management positions with blue chip corporations such as GE, Computer Science Corporation, Coles Myer and Challenger.

Having joined Genetic Technologies in June 2014 as its CFO, Buccilli soon found himself in the dual role of CFO and COO following the resignation of CEO Alison Mew in November. He was subsequently announced as Mew’s replacement in February 2015.

“We believe that as a director, Eutillio will be able to augment his significant contribution to the growth and strategic direction of the company through his extensive financial, corporate governance and commercial experience,” said Genetic Technologies Non-Executive Chairman Dr Mal Brandon.

“Since his appointment last year, he has been the driving force behind the restructure and realignment of group activities following the strategic review in mid-2014,” Dr Brandon continued.

“He was instrumental in executing the $24 million equity placement facility with Kentgrove Capital in January 2015 and the subsequent $18.6 million placement to US institutional investors in March 2015. The board looks forward to Eutillio’s continuing commitment and drive as the company looks to build on the significant momentum generated so far in 2015.”

Buccilli will be required to submit himself for re-election at Genetic Technologies’ upcoming annual general meeting, as per the company’s constitution.

Genetic Technologies (ASX:GTG) shares were trading 11.43% higher at $0.039 as of around 12.30 pm on Friday.