Mike Pivac to retire as FBR boss

High Wycombe-based FBR has made a series of cost-cutting changes to its board, including the retirement of chief executive and managing director Mike Pivac.

Mark Pivac, a co-founder of the robotic technology company who has been working as FBR’s chief technology officer, will transition to CEO.

Along with this, Glenn Cooper will retire as a director on the board.

Friday’s announcement regarding a reduced board and revised base salaries follows on from FBR’s market update on March 27 that it intended to reduce its annual costs by around 70 per cent in order to meet the current needs of the organisation.

Earlier this year, despite showing plenty of promise, FBR told the market it was unable to sign a joint venture deal with CRH Ventures, utilising its building and construction robot dubbed Hadrian X.

FBR last traded at $0.006 cents.