Directorate Changes (1430G)
May 09 2011 - 5:00AM
UK Regulatory
TIDMOPE
RNS Number : 1430G
Optare PLC
09 May 2011
Optare plc
("Optare" or the "Company")
Board Changes
Optare announces that Mike Dunn has stepped down from the board
to progress other business interests and that Peter Phillips has
been appointed as Chief Financial Officer, ("CFO"), with effect
from 6 June 2011.
The Board also announces that Dr Sumantran has stepped down from
the Board and that Venkatesan Venkataraman ("Venkat") has been
appointed as a Non-Executive Director with immediate effect.
Peter Phillips, 50, joins Optare from Tesla Motors, the NASDAQ
quoted, electric car manufacturer, where he has been the European
Finance Director.
Prior to joining Tesla in April 2010, Peter had spent 22 years
at General Motors during which time he managed all the facets of an
automotive business, latterly as Global CFO for Masterlease
(Vehicle operating/finance leases) within GM's finance arm,
GMAC.
Before moving to GMAC in 2001 as CFO for Interleasing (formerly
an Arriva subsidiary), Peter was the Finance Director for the
Epsilon Platform (Vectra/Omega/Saab). Previous roles in General
Motors included French CFO, Austrian Manufacturing Plant
Comptroller, and European/Vauxhall Pricing Managers. A member of
the Chartered Institute of Management Accountants, Peter graduated
in Accounting and Financial Analysis from Warwick University.
Venkat is currently President of Business Development &
Strategy for Hinduja Automotive Limited, responsible for Strategy,
M&A and Business Development activities of the Hinduja Group's
automotive interests based in the UK. Starting as a Graduate
Engineer in Ashok Leyland, he has over 30 years' experience in
Industrial Engineering, Business and Corporate Planning functions.
He was briefly COO of Avia Ashok Leyland Motors s.r.o in Prague in
2006-07 where he played a key role in the acquisition and
stabilization of operations. He led the Ashok Leyland negotiations
to acquire a 26% stake in Optare where he continues, on Ashok
Leyland's, behalf to oversee the strategic co-operation
initiatives.
John Fickling, Chairman, commenting said, "We are grateful to
both Mike and Dr Sumantran for their contributions to the Company
and wish them both well for the future. We are delighted to welcome
Peter and Venkat to the Board to the Board. Peter brings a strong
automotive, asset financing and international business background
to the executive team. He also combines financial and strategic
oversight with the capability to resolve detailed issues from a
financial, shareholder and commercial perspective and we look
forward to working with him."
Save as disclosed below there are no additional disclosures to
be made in accordance with paragraph (g) of Schedule 2 of the AIM
rules in relation to Peter Phillips and Venkat.
The companies of which Peter Phillips has been a director in the
past five years are as follows:
Tesla Motors Limited *
Tesla Motors GmbH *
Tesla Motors France SARL *
Masterlease Limited
Masterlease (UK1) Limited
Masterlease (UK2) Limited
Masterlease (UK3) Limited
Masterlease (UK4) Limited
Interleasing Limited
Interleasing (UK) Limited
Masterlease Central Limited
Masterlease Finance Limited
Masterlease (UK) Limited
Bondco 700
Jessups Vehicle Contracts Limited
Concept Automotive Services Limited
Futura Leasing SA (Poland)
Prime Car Management SA (Poland)
Masterlease France SAS
Masterlease Belgium BVBA
Masterlease NV (Netherlands)
Masterlease SA de CV (Mexico)
GMAC Lease BV (Netherlands)
Masterlease Europe Renting SL (Spain)
*current directorship
Venkat has been a director of Hinduja Technology, Media &
Telecommunications (HTMT) Europe Limited within the last five
years.
For further information please contact:
Optare plc Tel: 0845 838 9901
Jim Sumner - Chief Executive
Cenkos Securities plc Tel: +44 (0) 20 7397 8900
Stephen Keys/Camilla Hume
This information is provided by RNS
The company news service from the London Stock Exchange
END
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