(Alliance News) - Transense Technologies PLC on Wednesday said David Ford will step down from the role of executive chair effective immediately to become chief executive of the company's iTrack business.
This comes after the sensor systems maker said earlier in February that it had extended its joint collaboration agreement with auto & truck parts manufacturer Bridgestone Corp until February 2022.
Under the initial deal agreed in August, Transense and Bridgestone agreed to exclusively provide the iTrack tire-monitoring system for tyres which are 57 inches and above for its off-the-road customers. Transense also agreed not to have discussions with any other party related to mergers, acquisitions or joint ventures over the next six months in relation to its iTrack business.
The agreement was for an initial 18 months but was extended until February 12, 2022 at the earliest. The period during which Transense agreed to not have discussions with other parties was also extended until April 30.
Ford will step down to devote his full attention to the iTrack business, Transense noted, adding that he will continue to remain a member of the board.
"I have found myself focusing more and more on iTrack as the demands of that business have been increasing. The business has reached a stage in its development where it really isn't possible to devote the time needed as well as discharge effectively the responsibilities of the chair. I am very excited by the prospects ahead," Ford said
He will be replaced as non-executive chair by Deputy Chair Nigel Rogers.
Transense shares were down 2.9% at 68.00 pence each on Wednesday afternoon in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Transense (TRT)