AGM Statement
25 Julho 2002 - 11:18AM
UK Regulatory
RNS Number:1267Z
AEA Technology PLC
25 July 2002
AEA TECHNOLOGY PLC
AGM Statement
At today's Annual General Meeting, AEA Technology confirmed that the
transformation of the Group was essentially complete. The Group remains focused
on growing its two core businesses - Rail and Environment - and in delivering
significant value from its Value Development portfolio comprising Battery
Systems, Accentus plc and QSA.
Commenting on current trading, Chairman Peter Watson said:
"Our core Rail and Environment businesses continue to make progress and are
trading in line with management expectations."
Slimmer management structure
Two years ago AEA Technology comprised five business groups. The focus is now on
two. In view of this, the Board has reviewed the senior management structure and
decided on a slimmer structure which eliminates the role of Chief Operating
Officer. These changes will be effective from 25 July 2002.
Under the slimmer management structure, the Rail and Environment business will
report directly to Peter Watson. The Value Development businesses and Nuclear
Programmes will report to Andrew McCree who will retain his responsibility for
Human Resources and Corporate Affairs. Andrew will become Managing Director of
AEA Technology.
Commenting on the restructuring Peter Watson said:
"With the elimination of the position of Chief Operating Officer, there was no
longer a role for Stephen Thornton in the new structure. Stephen is therefore
leaving the Group. He has made a significant contribution in driving change and
restructuring across the Group. The Board wishes to record its thanks and wish
him well in the future.
"Andrew McCree's appointment reflects his success in developing the Battery
Systems business. I know he will bring the same energy and drive to the rest of
his new portfolio. I look forward to continuing to work closely with Andrew as
we seek to develop the management team."
Ends
Enquiries:
Press
Mark Herbert, Bell Pottinger 0207 495 4044
07770 381608
Catherine Lees, Bell Pottinger 0207 861 3877
07836 298 811
Analysts/Shareholders
Neville Harris, IRFocus 0207 861 3894
07909 976044
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