("Tracsis" or the "Group")
Tracsis plc, a leading provider of software and services for the traffic data and transportation industry, announces that John McArthur has notified the Board of his intention to step down from his current role of Chief Executive in the first half of 2019 to focus on family and other non-business matters outside the Group.
The Board is pleased to announce that, following an extensive search process, Christopher Matthew Barnes ('Chris'), 43, will join the Company on 4 February 2019 as Chief Executive Officer - Designate. Chris is the current Managing Director of Ricardo UK Limited's automotive consulting division. Chris has previously fulfilled a number of senior roles within Ricardo plc including Managing Director of Ricardo Software, New Ventures Director and Global Product Group Director. Chris started his career at Ford Motor Company before joining global management consultancy A.T.Kearney. Chris holds a Master's degree in Engineering, Economics and Management from the University of Oxford and is an alumnus of Harvard Business School.
Following a suitable period of handover and transition (which is expected to last several months), Chris will succeed John as Chief Executive Officer and will join the Board. John will remain as Chief Executive Officer and a member of the Board until the conclusion of the transition period. After stepping down from the Board, John will continue to work with Tracsis in a part-time advisory capacity with a remit of advising and assisting on further M&A which continues to be an integral part of the Tracsis growth strategy.
Chris Cole, Non-Executive Chairman commented:
"I would like to pay tribute to John for his exceptional contribution over the past 14 years and what he has achieved for Tracsis and we wish him every success for the future. We are delighted to have secured Chris Barnes to succeed John and I welcome him to the Group. Chris has great sector experience, and his ambition and credentials will be a real asset to Tracsis as we embark on our next phase of growth."
John McArthur, Chief Executive Officer commented:
"It has been my pleasure and privilege to serve Tracsis over the past 14 years and I am proud of what our team has achieved in taking a small University spin-out and developing it into the successful technology company we see today. After careful consideration about my own future aspirations, now is the right time to transition out of the business and allow a new leader to take up the reins for our next phase of growth.
As a significant shareholder in a business I helped create, the continued success of Tracsis is of utmost importance to me. My transition comes at a time when the Group is very well positioned for the future, has a clear strategy, a great management team, and a strong pipeline of organic and acquisitive opportunities. I have every confidence in Chris and believe his experience, passion and ambition - combined with the significant talent of our existing team - will drive the business to new heights."
Chris Barnes, Chief Executive Officer - Designate commented:
"I am excited to be appointed Chief Executive of a highly respected and fast growth business such as Tracsis. With over 20 years' experience working across the transportation and software sectors and having completed numerous M&A transactions, I look forward to working with the Board and the management team to continue the growth trajectory and deliver on the numerous organic and acquisitive opportunities open to the business in the coming years."
Tracsis plc | Tel: 0845 125 9162
John McArthur, CEO
Max Cawthra, CFO
finnCap Ltd | Tel: 020 7220 0500
Christopher Raggett/Scott Mathieson, Corporate Finance
Andrew Burdis, Corporate Broking
The information communicated in this announcement is inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.