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

BOAEASSKEASFEFF

Optare (LSE:OPE)
Historical Stock Chart
From Jan 2025 to Feb 2025 Click Here for more Optare Charts.
Optare (LSE:OPE)
Historical Stock Chart
From Feb 2024 to Feb 2025 Click Here for more Optare Charts.