Diagnostic tools provider Avacta Group has announced Tim Sykes will step down as chief financial officer.

Sykes held the position part-time since the company’s IPO, but Avacta said it is now appropriate for the role to become full-time.

According to the firm, Sykes does not wish to be considered due to other business interests. Software provider Proactis has announced he will be joining the group as its new chief financial officer.

Dr Trevor Nicholls, non-executive chairman of Avacta said: “The board would like to thank Tim for all the hard work and many contributions to the group since its IPO in August 2006. We wish him the best of success for the future.”