Torotrak plc, the Infinitely Variable Transmission (IVT) system development company, is pleased to announce the following changes to the board. Three non-executive directors will be stepping down. Two new non-executive directors will be joining the board to support the market exploitation and continuing technical refinement of our technology.
Dr Nick Barter and Mr David MacKay have been appointed as non-executive directors from 1 November 2003.
Nick Barter retired from Ford Motor Company in 2002 after 22 years. He was most recently Director of Product Development for Jaguar and Land Rover, part of Ford’s Premier Automotive Group. He was responsible for all aspects of planning, design, development, sign off and introduction of all Jaguar and Land Rover vehicles, leading a team of around 5,000 engineers, designers and analysts.
Following his retirement from Ford he was appointed Programme Director of the government funded automotive research programme, Foresight Vehicle, where he is now responsible for sponsoring cutting-edge technologies focused on developing more fuel efficient vehicles.
David MacKay was formerly Executive Vice President and General Counsel for ARM Holdings plc, one of the most successful UK technology companies, whose core business is founded upon the design and licensing of world-leading technology. His principal responsibilities there included negotiating and drafting technology-related agreements including intellectual property licenses, international manufacturing and distribution agreements and joint venture agreements.
Mr Malcolm Coster and Mr David Burnicle will be standing down as non-executive directors on 31 October 2003 and Dr Ian Macpherson will be standing down as a non-executive director on 31 December 2003.
David Wallis, chairman, said
“ I am delighted to welcome Nick Barter and David MacKay to the board. Nick’s continuing involvement in the automotive industry and his recent experience as a top decision maker provide the board with real strategic guidance in current industry trends. It is totally appropriate as a technology company that we have secured the support of a leading technologist as a non-executive director.
Similarly, as we get closer to securing production commitments, having the right strategic advice on how we handle the commercialisation of our intellectual property assets is critical. David’s great depth of practical experience in this field will add real value as we commercialize our technology.
Malcolm Coster, David Burnicle and Ian Macpherson have been non-executive directors of Torotrak since flotation in 1998. All three have played crucial roles in guiding the management of the risks facing Torotrak during this critical stage of our IVT technology development. Ian and David have contributed strongly to ensuring our technical capability meets the highest expectations of our licensees. Malcolm’s senior marketing experience in a wide range of international technology industries has been instrumental in the development of our marketing strategy. The board thanks them all for their support and commitment over the past six years.”
