TRK Torotrak

TIDMTRK

RNS Number : 7830I

Torotrak PLC

30 March 2015

30(th) March 2015

Torotrak plc

("Torotrak" or the "Group")

Appointment of Chief Executive Officer

Torotrak (LSE: TRK), a leading developer and supplier of variable drive transmission, engine boosting and energy recovery systems for vehicles that increase fuel efficiency and reduce CO(2) emissions in vehicles, is pleased to announce the appointment of Adam Robson as Chief Executive Officer. Mr Robson succeeds Jeremy Deering who announced in November his intention to step down as Chief Executive.

Adam joins the Group on 13(th) April from Nova Capital Management where he has been an Operating Partner since 2007 responsible for building and managing a portfolio of technology and manufacturing businesses in the UK, North America and Europe. Prior to that Adam was on the Board of Molins plc with responsibility for running the Packaging Machinery and Scientific Services Divisions. Adam has also worked at Lucas Varity plc in various roles including Chief Executive of Autocruise taking Adaptive Cruise Control to market and International Operations Director and Business Development Director of Lucas Varity Diesel Systems, where he led negotiations with Delphi Systems who subsequently acquired the division.

Adam graduated in Civil Engineering from Kings College, London and holds a Masters from Imperial College and an MBA from INSEAD. Adam brings a wealth of management and business development experience having led many early stage and mature technology, advanced manufacturing and service companies across automotive and other sectors.

Nick Barter, Chairman commented; "We are delighted that Adam is joining as Chief Executive. His extensive experience in managing and building high growth technology businesses, commercialising technology and delivering long term value will prove invaluable. He joins at an important time for Torotrak as vehicle OEMs and Tier 1s show an increasing interest in the capability of the Group's technologies to deliver increased fuel efficiency and CO(2) emissions reductions. I would like to thank Jeremy for his contribution to the growth and development of the business."

Adam Robson commented: "I am delighted to have accepted the role of Chief Executive of Torotrak. It has a strong team and an excellent portfolio of technologies that I believe are well placed to benefit from the challenging regulatory requirements that the automotive industry has to address. I believe that there are considerable opportunities for Torotrak and I am looking forward to the challenge of helping the Group achieve its true potential and commercialise its technologies".

The Board would like to express its thanks to Jeremy Deering for all his efforts in securing the acquisition of Flybrid and driving the Group forward since his appointment as Chief Executive in 2012. Prior to that as Finance and Commercial Director, Jeremy was instrumental in securing the major strategic relationship with Allison Transmission, Inc. and in negotiating many of the Group's licensing arrangements. The Board wishes Jeremy well in his future endeavours.

There are no further disclosures required pursuant to paragraph LR 9.6.13 R of the Listing Rules of the UK Listing Authority in relation to this appointment.

For more information, please visit www.torotrak.com or contact:

 
                                                              +44 1772 900 
Torotrak plc                                                   931 
Nick Barter, Chairman 
 Rex Vevers, Finance Director 
Charles Stanley Securities (Joint Financial Adviser & Joint   +44 20 7149 
 Broker)                                                       6000 
Marc Milmo / Karri Vuori / Carl Holmes 
Cantor Fitzgerald Europe (Joint Financial Adviser & Joint     +44 20 7894 
 Broker)                                                       7000 
Rick Thompson / Will Goode / Michael Reynolds 
                                                              +44 20 7920 
Tavistock                                                      3150 
Simon Hudson / James Collins 
 

Notes to editors

Torotrak is a leading developer and supplier of variable drive transmission, engine boosting and kinetic energy recovery systems for vehicles. Our portfolio of technology solutions substantially improves fuel economy and reduces CO(2) emissions in vehicles through harnessing the power of supercharging to enable engine downsizing, capturing and recycling energy that would otherwise be lost and managing the engine at the optimum point.

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This information is provided by RNS

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