8th Jun 2007 07:01
Renewable Energy Generation Ltd08 June 2007 8 June 2007 Renewable Energy Generation Ltd ("REG" or "the Company") Board Changes • Appointment of Andrew Whalley as Chief Executive Officer• Resignation of George Cardona• Appointment of Dr Malcolm Kennedy CBE• Establishment of employee share option scheme• Appointment of full time CEO for UK business• Further appointments at UK business Renewable Energy Generation Ltd ("REG"), the AIM listed developer of renewableenergy projects, today announces that Mr Andrew Whalley, currently Non-Executive Director, has been appointed as the Company's Chief Executive Officerwith immediate effect. This appointment will novate any benefits accruing toAndrew under REG's contract with its management company, REG Power Management.Thus Andrew's appointment will not result in any increased costs for REGshareholders. George Cardona has resigned from the Board due to increased work commitments.The Board of REG would like to extend its thanks to George for his work for REGsince the Company was launched and wishes him every success in the future. Dr Malcolm Kennedy has agreed to join the Board as Senior Non-ExecutiveDirector. Dr Kennedy is the former Chairman of Parsons BrinckerhoffInternational one of the World's leading planning, engineering, program andconstruction management organisations. Dr Kennedy has several years ofexperience in distributed generation and most recently as a member of the JointOFGEM/DTI Distributed Generation Co ordination Group. Dr Kennedy will provideREG with invaluable experience of electricity transmission systems both in theUK and Canada. REG will also be appointing a Finance Director and an announcement on thisposition will be made in due course. Employee share option scheme REG is establishing an employee share option scheme. Under the scheme, membersof the senior management team will be eligible to participate. The schemecomplies with the institutional shareholder guidelines which apply to fullylisted companies. The combined issue of shares under the new scheme and the RPMoption scheme will be subject to a cap of 10% of REG's issued share capital.Initially it is intended that an additional 1% of REG's issued share capital bemade available for new options. Personnel changes at The Cornwall Light & Power Co Neil Harris has been appointed as Chief Executive Officer of CLP. Neil is astructural engineer, has over 15 years of experience in the wind industry andhas worked as head of development at CLP since it was bought by REG in June2005. Bruce Woodman is to take responsibility for strategy and communicationsfor the UK business and is also a director of REG's Canadian business AIMPowerGen ("APG"). CLP has also recruited two full time developers Bob Morgan and Steve Allen. JohnMills has also joined the Company as head of group construction management. Johnwas previously head of construction at Falck Europe and previously GE WindEurope and has many years of experience in the industry. John will initially befocussed on the extensive SOP construction programme at APG. Mike Liston, Chairman, said: "We are very fortunate to have secured Andrew's services as CEO. He has been atthe centre of REG's development since the company's admission to AIM in May 2005and there is nobody better placed to take REG to the next level of growth,especially with the market opportunities we currently face. The changesannounced today are REG's first steps in evolving into an operating companystructure. This process will continue over the coming months." REG intends to release a trading update on 13 June covering progress on its UKand Canadian operations. Further information Renewable Energy Generation LtdMike Liston (01534) 505 320 Bell Pottinger Corporate & FinancialNick Lambert / Amy Rajendran / Antonia Coad (020) 7861 3232 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
WIND.L