Vosper Thornycroft Holdings PLC
14 May 2002
VOSPER THORNYCROFT ANNOUNCES
APPOINTMENT OF NEW CHIEF EXECUTIVE
In accordance with the plan outlined at the time of the Interim Results,
Vosper Thornycroft Holdings plc is now pleased to announce that it has
appointed PAUL LESTER (52) as Chief Executive in succession to Martin
Jay.
A graduate mechanical engineer, Paul is currently a Group Managing Director
of Balfour Beatty plc, the international engineering construction and services
group, where he is directly responsible for UK construction and building
services, including facilities management. He is also President of the
Engineering Employers' Federation and has been a non-executive director of
Vosper Thornycroft Holdings plc since 1998.
Prior to joining Balfour Beatty plc in 1997, Paul was chief executive of
Graseby plc, the medical and defence instruments company. During the
1980's he held senior management positions at the Dowty Group and
Schlumberger and for a period lived and worked in the United States. From
1993 to 1999 he was non-executive chairman of A & P Group Holdings
Limited, the ship repair company. He brings with him a strong background in
Government outsourcing as well as appropriate experience in providing
services to the Ministry of Defence and the US Department of Defense. This,
together with his international experience, makes him particularly suitable for
his new role at Vosper Thornycroft which he will be joining on 1 July 2002.
As previously announced, Lord Wakeham will stand aside as Chairman at the
conclusion of this year's Annual General Meeting and become Deputy
Chairman. At the same time, Martin Jay will relinquish his duties as Chief
Executive in favour of Paul Lester and will take over as Chairman. Lord
Wakeham will retire from the board at the Annual General Meeting in 2003.
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