Traction Technology PLC
17 January 2008
Traction Technology Plc
(AIM: TRAC)
Appointment of Chief Executive
Traction Technology Plc ('Traction' or the 'Company'), a designer and deliverer
of environmentally friendly, low emission series diesel electric hybrid engine
systems, announces the appointment of Andrew Walmsley as Chief Executive with
effect from 18 January 2008.
Mr Walmsley, aged 55, has over 25 years experience in the global automotive
industry. He has a strong operations and commercial background with a
successful track record of delivering results mainly in the sports car and
engineering consultancy sectors.
Previously Mr Walmsley has been Group Commercial Director of Lola Cars
International Limited and Managing Director of Lola Automotive. From 1999 to
2003 Mr Walmsley worked as both Project Director and then Managing Director of
McLaren 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 at
Cosworth Engineering and Group Lotus.
His previous achievements include securing the largest ever composites
manufacturing contract for Lola Composites, leading the transformation of
McLaren Cars from a capability of building 20 vehicles a year to one capable of
building 10 cars a week and developing the client base, turnover and global
reputation of Cosworth Engineering.
Until recently Mr Walmsley was a board member and Vice Chairman of the
Automobile Division of the Institution of Mechanical Engineers.
Upon the appointment of Andrew Walmsley, Bob Dover, currently Chief Executive
will relinquish his executive responsibilities, and become a Non-executive
director.
Nick Brayshaw, Chairman of Traction, commented:
'We are very excited to be welcoming Andrew to the Board. As I noted when Andrew
was appointed Managing Director to our subsidiary company in December last year,
with his broad experience in the automotive industry, Andrew will play a key
role in advancing the manufacturing and distribution of Traction's hybrid engine
systems.
I would also like to thank Bob Dover for his considerable efforts as Chief
Executive since the formation of the Company. It is a credit to his engineering
and management skills that the Company has developed to its current leading
position in the hybrid industry, and we are delighted to be able to retain his
skills and experience in his new role with Traction.
With both Andrew and Bob on board, together with the team at Slinfold, I believe
that we now have one of the largest and best qualified teams of hybrid
specialists anywhere in the market.'
In accordance with the AIM Rules for Companies, the Company confirms that there
is no further disclosure obligation required, pursuant to Rule 17, Schedule Two,
paragraph (g).
Contacts:
Traction Technology plc Ambrian Partners Ltd Parkgreen Communications
Nick Brayshaw, Chairman Richard Brown Paul McManus
01403 791392 Richard Greenfield 020 7479 7933
www.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