(“Torotrak” or the “Company”)
Appointment of two new Directors
Torotrak (LSE: TRK) is strengthening its Board with the appointment of two new Directors, with effect from today. The new appointments bring additional expertise that will enhance the low CO2 technology specialist’s capability as it accelerates commercialisation of its fuel saving mechanical hybrid and unique gearless traction drive systems to help vehicle manufacturers meet pressing emissions reduction regulations. Rex Vevers joins as Finance Director and John McLaren becomes a Non-Executive Director and Chairman of the Audit Committee.
Rex Vevers joins from Ceres Power Holdings plc, where he was Group Finance Director from 2006 until February 2013. He brings to Torotrak considerable depth of experience and a wealth of international commercial and operational expertise in both the market introduction of new technologies and in broader industries.
Rex qualified as a Chartered Accountant with Arthur Andersen before moving into industry where he held a number of senior finance positions in companies including Pechiney, OSI, and Avon Cosmetics. During his time with Ceres Power, Rex played a lead role in securing major commercial contracts and raising funds from institutional and strategic investors to finance the company’s growth strategy. His commercial and financial expertise will be a useful addition to the Board of Torotrak as it progresses with its own strategy to commercialise the Company’s market leading technology.
John McLaren brings significant experience from his background in corporate finance in Europe, Asia and the US, across automotive and many areas of technology.
John began his career as a diplomat, working both in the Foreign Office in London and in the British Embassy in Tokyo. Following a switch to investment banking, he became a Director of Barings before moving into venture capital, where he was a General Partner with Hambrecht and Quist Venture Partners in San Francisco. In his subsequent career, he was successively a Director of Morgan Grenfell, Deutsche Bank, and Barchester Group, during which time he advised a wide range of companies on major mergers and market acquisition transactions, including Daimler-Benz, BMW, Nissan, BBA, and Siemens. John is currently Chairman of Barchester Group and a Non-Executive Director of four privately held companies in the UK and the USA.
Commenting on these new appointments, Jeremy Deering, Chief Executive, said:
“I am delighted to announce the appointments of Rex and John, who bring additional industrial, commercial, and investment experience to the Board.
“Rex is an experienced and first class Finance Director and just what Torotrak needs at this key stage in its development. Rex is very familiar with the licensing business model and from his first hand commercial experience in that area, also appreciates the benefits that Torotrak’s wider strategy of product diversification and taking more control of our routes to market brings.
“John McLaren’s appointment as Non-Executive Director brings a sharp intellect and considerable corporate finance experience; both very relevant as we develop and implement our strategy. His fluency in Japanese and knowledge of its markets is a welcome bonus, timed well for our increased business development in that territory.”
For more information, please visit www.torotrak.com or contact:
|Jeremy Deering,Chief Executive||Simon HudsonLulu Bridges||Marc MilmoKarri VuoriCarl Holmes|
|Torotrak Plc||Tavistock Communications||Charles Stanley Securities|
|Tel: +44 1772 900931||Tel: +44 20 7920 3150||Tel: +44 20 7149 6000|
In the past five years, Rex Vevers was a Director of Ceres Power Holdings plc until February 2013. No further details regarding Rex Vevers are required to be disclosed to comply with Rule 9.6.13 of the Listing Rules.
There are no details regarding John McLaren that are required to be disclosed to comply with Rule 9.6.13 of the Listing Rules.