Optare plc announces that Jim Sumner, will step down from the Board and leave the company as a Director and CEO from 31 December 2012.
Jim joined the Board in June 2009 with the objective of managing the turnaround of the business. From a challenging position, the Board believes that all the principal objectives of that turnaround have been substantially achieved in terms of restructuring, new factory investment, low carbon product developments and refinancing. Jim now feels that the time is right for him to move on and pursue other business interests.
The Board has commenced the process to find a permanent replacement and will make a further announcement in due course. In the interim, Per Gustav Nilsson (known as “PG”), a current non-executive director, will assume the role of interim CEO.
PG has considerable experience in the industry having held positions as Managing Director of Scania CIS, followed by four years as Managing Director of MAN Russia. Glenn Saint will continue in his role as CTO and also act as deputy CEO.
John Fickling, Chairman, commented, “I wish Jim all the very best for the future. He has done an outstanding job in turning the business around from what was an extremely difficult position back in June 2009. We sincerely thank him for his unwavering leadership, clear direction and total dedication.”