T42 Iot Track. Regulatory News (TRAC)

17 Jan 2008 07:01

Traction Technology PLC17 January 2008 Traction Technology Plc (AIM: TRAC) Appointment of Chief Executive Traction Technology Plc ("Traction" or the "Company"), a designer and delivererof environmentally friendly, low emission series diesel electric hybrid enginesystems, announces the appointment of Andrew Walmsley as Chief Executive witheffect from 18 January 2008. Mr Walmsley, aged 55, has over 25 years experience in the global automotiveindustry. He has a strong operations and commercial background with asuccessful track record of delivering results mainly in the sports car andengineering consultancy sectors. Previously Mr Walmsley has been Group Commercial Director of Lola CarsInternational Limited and Managing Director of Lola Automotive. From 1999 to2003 Mr Walmsley worked as both Project Director and then Managing Director ofMcLaren Cars Limited where he was responsible for all aspects of McLaren Cars'activities, in particular the Mercedes Benz SLR McLaren sports car project.Prior to joining McLaren Cars Limited Mr Walmsley held senior positions atCosworth Engineering and Group Lotus. His previous achievements include securing the largest ever compositesmanufacturing contract for Lola Composites, leading the transformation ofMcLaren Cars from a capability of building 20 vehicles a year to one capable ofbuilding 10 cars a week and developing the client base, turnover and globalreputation of Cosworth Engineering. Until recently Mr Walmsley was a board member and Vice Chairman of theAutomobile Division of the Institution of Mechanical Engineers. Upon the appointment of Andrew Walmsley, Bob Dover, currently Chief Executivewill relinquish his executive responsibilities, and become a Non-executivedirector. Nick Brayshaw, Chairman of Traction, commented: "We are very excited to be welcoming Andrew to the Board. As I noted when Andrewwas appointed Managing Director to our subsidiary company in December last year,with his broad experience in the automotive industry, Andrew will play a keyrole in advancing the manufacturing and distribution of Traction's hybrid enginesystems. I would also like to thank Bob Dover for his considerable efforts as ChiefExecutive since the formation of the Company. It is a credit to his engineeringand management skills that the Company has developed to its current leadingposition in the hybrid industry, and we are delighted to be able to retain hisskills and experience in his new role with Traction. With both Andrew and Bob on board, together with the team at Slinfold, I believethat we now have one of the largest and best qualified teams of hybridspecialists anywhere in the market." In accordance with the AIM Rules for Companies, the Company confirms that thereis no further disclosure obligation required, pursuant to Rule 17, Schedule Two,paragraph (g). Contacts: Traction Technology plc Ambrian Partners Ltd Parkgreen CommunicationsNick Brayshaw, Chairman Richard Brown Paul McManus01403 791392 Richard Greenfield 020 7479 7933www.ttplc.co.uk 020 7776 6400 07980 541 893 paul.mcmanus@parkgreenmedia.com This information is provided by RNS The company news service from the London Stock Exchange