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Vosper Thornycroft (VSP)

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Tuesday 14 May, 2002

Vosper Thornycroft

New Chief Executive

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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