Torotrak's Chief Executive leaves for government post

31st Aug 2012 09:35

Torotrak, which makes energy conserving vehicle transmission systems, is saying goodbye to its long serving Chief Executive, Dick Elsy.Elsy, who has run the firm for 10 years has been appointed as the Chief Executive of a government initiative known as the "High Value Manufacturing Catapult".He will be replaced on September 28th by the current Finance and Commercial Director, Jeremy Deering.Elsy commented: "It's not an easy decision to leave Torotrak at such an exciting time when our plans are really starting to deliver, but I've been asked to take a leading role in the Government's aims to rebalance the UK economy towards high value manufacturing and it's something I want to do on a personal level."Torotrak shares were down 2.3% at 09:45 but have gained over 5% since the start of the year.BS