LONDON (Alliance News) - Transense Technologies PLC Friday said Chairman David Kleeman will step down, with Director David Ford stepping up as his successor, in a statement before its annual general meeting.
Kleeman will continue to serve the company as a non-executive deputy chairman, Transense said, but it felt that "different skills" were needed as chairman at this stage in the company's growth.
Transense develops surface acoustic wave technology and sensor systems for the automotive industry. The company said that it has seen progress in all of its operating divisions.
"Following a period of substantial investment in developing our proprietary SAW technology and creating differentiated solutions from it, the fund-raising this summer has put Transense in a strong position to capitalise on the considerable market opportunities it now addresses," said Chief Executive Officer Graham Storey in a statement.
Transense shares were trading down 1.7% at 7.50 pence Friday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Transense (TRT)