Materials

Grant Dow has stepped down as managing director and chief executive of Plantic Technologies, the Australia-based developer of cornstarch-based plastics for packaging.

Dow headed the group through a period of major development, including partnerships with Bemis, DuPont and National Starch announced in 2007.

He was also at the group's helm during two rounds of fundraising and its listing in May 2007 on the Alternative Investment Market of the London Stock Exchange.

However, Plantic warned in December that sales for 2007 would be "lower than anticipated".

Finance director and chief operating officer Brendan Morris will act as chief executive for a minimum of three months while the board seeks a replacement for Dow.

Plantic's share price has been falling since the start of the year and dropped 7% today to 45p.