Directorate Change

RNS Number : 0161C

Gas Turbine Efficiency PLC

05 November 2009

 



5 November 2009

Gas Turbine Efficiency plc

("GTE" or the "Company")

Change of Directors

Gas Turbine Efficiency plc (AIM: GTE), a leader in energy services and aviation products, is pleased to announce the appointment yesterday of Kevin M. Dotts as an executive director of the Company. He will assume the role of Chief Financial Officer ("CFO") with immediate effect.  

Mr. Dotts brings a wealth of experience to GTE. Most recently, from 2004-2009, he served as Executive Vice President and CFO at EarthLink, Inc., a NASDAQ traded company.  His financial career spans more than 20 years including 15 years at the General Electric Company, where Mr. Dotts held global financial leadership positions in the Energy and Industrial businesses, its media subsidiary, NBC, as well as Corporate Audit.   From 1999-2002, Mr. Dotts was CFO of GE Energy Parts, Inc., a $1.2bn revenue business.

Magnus Nordgren, the current CFO of the Company has stepped down as a director of GTE yesterday. Mr Nordgren will continue to provide important leadership to our fast growing EMEA regions, while supporting GTE in a number of global financial process roles.

Steven Zwolinski, Chief Executive Officer of GTE, commented:

"Kevin Dotts brings a wealth of knowledge, experience and a proven track record to GTE's leadership team. Kevin's financial leadership and industry experience will be an enormous asset to us as the Group enters the next phase of its development."

John Bryant, Chairman of GTE, commented:

"I'd like to thank Magnus Nordgren for his significant contributions over the past five years in the CFO role. We are very pleased that Magnus will now be focused on developing our fast growing EMEA regions."  

For further information, please contact:

Gas Turbine Efficiency plc	Steven Zwolinski, CEO	[phone]
Collins Stewart Europe Limited	Hugh Field / Bruce Garrow	[phone]
Mirabaud Securities LLP	Peter Krens	[phone]
Financial Dynamics	Jon Simmons / Susanne Yule	[phone]

Disclosures required to be made under the AIM Rules 

Under his employment contact, Mr Dotts was yesterday granted certain share awards over ordinary shares in the Company as follows: 300,000 ordinary shares under the Gas Turbine Efficiency plc 2009 Long Term Incentive Plan ("LTIP"); 400,000 ordinary shares in the Gas Turbine Efficiency plc 2009 Restricted Share Plan ("RSP"); and 300,000 ordinary shares in the Gas Turbine Efficiency 2009 Share Option Plan ("SOP").

LTIP 

The LTIP awards have been granted, in the form of conditional share awards, at a price of 23.5 pence per ordinary share (being the average of the closing mid market share price over a period of three dealing days prior to the date of grant). The shares subject to the LTIP awards will vest on 13 February 2012, subject to continued employment and subject to the satisfaction of share price targets. 20% of the ordinary shares subject to LTIP awards will vest if the Company's share price is 30 pence on 13 February 2012 with vesting increasing on a sliding scale to 100% if the Company's share price is 80 pence on that date. 

RSP 

The RSP awards were granted, in the form of conditional share awards, at a price of 23.5 pence per ordinary share (being the average of the closing mid market share price over a period of three dealing days prior to the date of grant). The shares subject to the RSP awards will vest in equal tranches on 13 February 2010, 13 February 2011, 13 February 2012 and 13 February 2013, subject to continued employment.

SOP 

In accordance with the rules of the SOP, the SOP option was granted with an exercise price of 23.5 pence per ordinary share (being the average of the closing mid market share price over a period of three dealing days prior to the date of grant). The shares subject to the SOP option will vest in equal tranches on 13 February 2010, 13 February 2011, 13 February 2012 and 13 February 2013, subject to continued employment. 

Kevin Mark Dotts, aged 46, was, within the previous five years, a director of New Edge Networks, Inc. There is no further information requiring to be disclosed in respect of Kevin Dotts under paragraph (g) of Schedule Two of the AIM Rules.

About GTE

Gas Turbine Efficiency designs, manufactures and supplies proprietary cleantech energy saving and performance enhancing solutions to the power generation, oil & gas and aviation industries. The company's extensive portfolio of patented cleantech solutions save fuel, reduce emissions, increase availability, and extend turbine and parts life. The Group also provides solutions for burning a wider variety and quality of fuels such as liquefied natural gas, clean coal, and alternative fuel blends. Products and services developed by our world-class technology team include compressor cleaning and power augmentation systems; fuels management systems; combustion design, repair, upgrade and monitoring; and fluid and control auxiliaries.

For more information about Gas Turbine Efficiency plc, its products and services please visit http://www.gtefficiency.com.

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