Torotrak plc's (TRK.L) shares increased around 4 percent in the morning trading in London after the provider of gearless traction drive technology to reduce carbon-dioxide emissions in vehicles said Wednesday that it has appointed Nick Barter, currently the senior independent director, to replace Chairman John Weston.
The company noted that Westo, who has has stepped down as Chairman after nearly four years, will remain on the board as the senior non-executive director.
Barter said, "Having led the Board since 2011, including through the successful acquisition of Flybrid, John has made a major contribution to Torotrak."
Weston added, "With Flybrid being part of Torotrak's offering, market opportunities are opening up as we had hoped and I believe that at this stage someone with Nick's automotive experience is crucial for taking full advantage of this next phase of the Company's development."
The company noted that its business is in a stronger position than 12 months ago, with real progress towards revenue generation on a number of new opportunities.
The company will provide a more detailed update at the time of the interim results that are due to be released on November 27.
In London, Torotrak shares were gaining 0.64 pence or 4.49 percent, and trading at 14.89 pence.
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