Tracsis PLC – Directorate Change
Tracsis, a leading provider of software and services for the rail, traffic data and wider transport industries, confirms that further to the announcement dated 7 January 2019, Chris Barnes has today been appointed as Chief Executive Officer of the Group. Accordingly, John McArthur has today stepped down from the Board and will continue to work with Tracsis in a part-time capacity focussing on M&A.
In connection with Chris’s appointment as a Director of the Group, the Remuneration Committee has agreed a share option award to compensate Chris for unvested incentives forfeited from his previous employer on joining Tracsis. As such, Chris was awarded 21,417 share options in Tracsis plc with an exercise price of 0.4p, that can be exercised on or after 4 February 2022 being three years since Chris joined the Group. Chris will also join the Group’s Long-Term Incentive Plan (LTIP) on commencement of the new financial year.
Chris Cole, Non-Executive Chairman commented:
“I would like to pay tribute to John for his significant contribution and his achievements for Tracsis and we wish him all the best for the future. I am pleased to welcome Chris Barnes to succeed John who has great sector experience, and his ambition and credentials will be a strong asset to Tracsis for our next phase of growth.”
John McArthur commented:
“It has been my privilege and passion to lead Tracsis over the past 15 years during which time the Group has grown and matured into the successful technology and services business we see today. My transition from CEO is a natural evolution for the Group and I am pleased to be handing the baton onto Chris at a time when our business is in great shape for the future. I wish to thank the entire Tracsis team for making my journey as CEO so enjoyable and I wish you all every success for the future.”
Chris Barnes, Chief Executive Officer commented:
“Firstly, I would like to thank John for his enormous contribution to the Tracsis business which he founded in 2004. I’m delighted to have been appointed as John’s replacement as CEO of the Tracsis Group and I’m excited to have the opportunity to lead the next phase of both organic and acquisitive growth for this technology led business. The Tracsis Group is well positioned for the future, has an industry leading software, hardware and consultancy product offering, a great team of people, a blue chip client base and operates across industrial sectors that are seeing significant growth and transformational change all of which will continue to drive strong future demand for our products and services.”