Itm Power Regulatory News (ITM)

12 Sep 2007 07:01

ITM Power PLC12 September 2007 For Immediate Release 12 September 2007 ITM Power plc ("ITM" or "the Company") Directorate Change ITM appoints Peter Hargreaves as Non-Executive Chairman ITM Power plc (AIM: ITM) the technology and research company focused on thecommercialisation of the hydrogen economy, today announces the appointment ofPeter Kendal Hargreaves as Non-Executive Chairman of the Company effective from1st January 2008. Mr Hargreaves succeeds Stephen Massey, who announced hisretirement in January 2007. Mr Hargreaves (aged 60) was appointed to the Board of ITM in February 2004 wherehe held the position of non-executive director. In 1981 Peter founded thenational investment brokerage Hargreaves Lansdown PLC where he is ChiefExecutive Officer. Hargreaves Lansdown PLC floated on the Official List of theUK Listing Authority in May 2007 and currently has a market capitalisation ofapproximately £1.0 bn. Mr Hargreaves currently has a direct interest of 6,119,810 (6%) shares in theCompany. Pursuant to paragraph 2(g) of Schedule 2 of the AIM Rules, other directorshipsheld in the past 5 years are detailed below. Mr Hargreaves is also a director of the following companies; Hargreaves Lansdown(Nominees) Limited, Hargreaves Lansdown Asset Management Limited, HargreavesLansdown EBT Trustees Limited, Hargreaves Lansdown Fund Managers Limited,Hargreaves Lansdown Investment Management Limited, Hargreaves Lansdown PensionsDirect Limited, Hargreaves Lansdown Plc, Hargreaves Lansdown StockbrokersLimited, Hargreaves Lansdown Pensions Limited (Formerly Pensions TreasuryLimited), Hargreaves Lansdown Pension Trustees Limited, Library InformationServices Limited. Jim Heathcote, Chief Executive Officer of ITM said: "I have enjoyed working with Stephen over the past four years and hiscontribution to ITM has been both valuable and important. We wish him everysuccess for the future. Peter Hargreaves has been a non-executive director since2004 and I am delighted that Peter who has been such an important supporter andcontributor to the Company has agreed to take on the role." Stephen Massey, ITM's retiring Chairman added: "I have spent four fascinating years as Chairman of ITM Power and have enjoyedbeing part of the impressive growth of the Company and the successfuldevelopment of its unique technology. I am very pleased that Peter will besucceeding me in January and would like to wish him and all my colleagues everysuccess in the years ahead". For further information please contact: ITM Power plc 01799 542 222Jim Heathcote, Chief Executive Officer Panmure Gordon & Co. 020 7459 3600Katherine Roe Buchanan Communications 020 7466 5000Ben Willey Richard DarbyBen Romney Notes to the Editors: ITM Power is a developer of low-cost hydrogen technologies. The Company hasdeveloped new materials and processes that dramatically reduce the cost of fuelcells and electrolysers. The patented membrane materials used in the deviceshave higher performance and are 1% of the cost of the industry standardmaterials. Electrolysers work by converting water and electricity into hydrogen and oxygen.The hydrogen produced can be used as a replacement for fossil fuels andfacilitate zero carbon housing and pollution free motoring. ITM Power was founded in 2000 and floated on the London Stock Exchange'sAlternative Investment Market in June 2004. This information is provided by RNS The company news service from the London Stock Exchange