28th Sep 2009 07:00
|
FOR IMMEDIATE RELEASE |
28 September 2009 |
CORAC GROUP plc
("Corac" or the "Company")
Board Appointment
Corac (AIM: CRA) is pleased to announce the appointment of Phil Cartmell to the Board as Chief Executive Officer with immediate effect. Phil, aged 58, has a highly active career in business, having formerly been Chief Executive of Vega Group PLC between 2001 and 2008, where he grew the company into a leading European aerospace and defence business. In February 2008, Vega Group was acquired by Italian multi-national, Finmeccanica, for a substantial premium. Phil has a number of other directorships including Non-Executive Director of Trafficmaster PLC.
Gerry Musgrave, Executive Chairman of Corac, commented:
"We are delighted to have Phil joining us as Chief Executive. His excellent track record of working with growth companies to build shareholder value should help Corac to capitalise on its strong market potential. It is recognised by both of us that we bring different expertise and experience, which jointly will help deliver the advanced technology to the commercial world."
The following disclosures are being made under Schedule 2(g) of the AIM Rules following Phil's appointment to the Board of Corac.
Mr Philip Cartmell is or has been a Director of the following companies and organisations during the past five years:
Current directorships:
Trafficmaster PLC
Previous directorships:
VEGA Group PLC
Medical Marketing International Group plc
Phil Cartmell was Non-Executive Chairman of Medical Marketing International Group plc, a company which went into voluntary administration, as announced on 4 September 2009. There is no further disclosure required with regard to Schedule 2(g) of the AIM Rules.
For further information:
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Corac Group plc Professor Gerry Musgrave, Executive Chairman |
+44 (0)1895 813463 |
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FinnCap Geoff Nash/Marc Young |
+44 (0)20 7600 1658 |
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Buchanan Communications Richard Darby/Ben Romney |
+44 (0)20 7466 5000 |
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