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23 Nov 2009 12:03
23 November 2009
ITM Power plc
("the Company")
Reorganisation of the Board of Directors
ITM Power plc is pleased to announce that, as the concluding stage of its planned and coordinated restructuring of the Board, the following changes have been agreed:
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(i) |
That the Non-Exectutive Chairman Peter Hargreaves stands down as Chairman to be replaced by Roger Putnam whose appointment as his successor has been formally approved. Mr. Hargreaves will remain a Non-Executive Director of the Company. The Board would like to thank Mr. Hargreaves for his hard work during his period as Chairman. Roger Putnam will take over the Chairmanship of the Company at the next Board Meeting on 16th December 2009. |
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(ii) |
The Board also announces with immediate effect the retirement of Dr. Donald Highgate as Director of Research, following 7½ years of service. Dr. Highgate will continue as a consultant to the company. Also with immediate effect, Dr. Simon Bourne, an employee of the Company since April 2002, has been appointed to the Board in the new role of Technology Director. |
Commenting on the changes, Peter Hargreaves, retiring Non-Executive Chairman of ITM Power, said: "We are pleased to announce these positive changes to the governance of ITM. On behalf of the Board, I would like to thank Don Highgate for his major contribution to ITM over the past 7½ years and wish him a very happy semi-retirement. Don's scientific work lies at the heart of our patented technology and I am very pleased that he will continue to work with us as a consultant. For my part, I have enjoyed my 2 years as Chairman and I am pleased to be stepping down as Chairman now that the company is in good shape, handing the Chairmanship to Roger Putnam who I am sure is the right man for the job. Working along side Graham Cooley, his skills and experience make him well placed to take the company into the next phase of its development."
Dr. Donald Highgate commented: "I have immensely enjoyed my time as Director of Research at ITM and am proud of the progress we've made over the years. Simon Bourne has been with the Company since 2002, knows our technology, operations and goals inside out and has worked alongside me for many years. His appointment to the role of Technology Director is therefore a source of great satisfaction, and I am confident that he will continue to put all his considerable talents and enthusiasm into the drive to take ITM towards commercialisation. For my part I look forward to continuing my relationship with the Company as a consultant."
The Company has today granted options over 50,000 ordinary shares to Roger Putnam at the price of 20½p. He held no options previously.
For further information please visit www.itm-power.com or contact:
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ITM Power plc Graham Cooley, CEO |
0114 244 5111 |
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Panmure Gordon & Co. Andrew Godber |
020 7459 3600 |
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Tavistock Communications Simon Hudson / Andrew Dunn |
020 7920 3150 |
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Notes:
In accordance with Schedule 2 paragraph (g) of the AIM Rules, the Company discloses the following in respect of Dr Bourne:
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i) |
Full name: Simon James Bourne |
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ii) |
Age: 34 |
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iii) |
Current directorships: ITM Power plc |
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iv) |
Previous directorships in the last five years: None |
Dr Bourne has a beneficial interest in 23,451 ordinary shares in the Company, representing 0.02% of the issued share capital of that class and options over 343,250 ordinary 5pence shares at an exercise price of 5.714 pence each.
No further disclosures are required to be made in relation to Dr. Bourne under Schedule 2 (g) of the AIM Rules.
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