Eco City Vehicles has begun a search for a new chief executive following a successful share placing.
The publicly-listed company, which builds the low emissions Mercedes-Benz Vito Taxi, has proposed changes to its board in preparation for its next phase of development.
Once a new chief executive has been confirmed current CEO Peter DaCosta will become a non-executive director, while Tim Yeo, who has chaired the company since its 2007 admission to AIM, is stepping down, to be replaced by John Swingewood.
It comes after ECV raised £1.75m in a share placement, which will help to reduce debt and provide working capital.
The Vito Taxi has increased its share of the new London license taxi market to 36% this year.