Renewable Energy Generation Ltd
08 June 2007
8 June 2007
Renewable Energy Generation Ltd ("REG" or "the Company")
Board Changes
Appointment of Andrew Whalley as Chief Executive Officer
Resignation of George Cardona
Appointment of Dr Malcolm Kennedy CBE
Establishment of employee share option scheme
Appointment of full time CEO for UK business
Further appointments at UK business
Renewable Energy Generation Ltd ("REG"), the AIM listed developer of renewable
energy projects, today announces that Mr Andrew Whalley, currently Non-
Executive Director, has been appointed as the Company's Chief Executive Officer
with immediate effect. This appointment will novate any benefits accruing to
Andrew under REG's contract with its management company, REG Power Management.
Thus Andrew's appointment will not result in any increased costs for REG
shareholders.
George Cardona has resigned from the Board due to increased work commitments.
The Board of REG would like to extend its thanks to George for his work for REG
since the Company was launched and wishes him every success in the future.
Dr Malcolm Kennedy has agreed to join the Board as Senior Non-Executive
Director. Dr Kennedy is the former Chairman of Parsons Brinckerhoff
International one of the World's leading planning, engineering, program and
construction management organisations. Dr Kennedy has several years of
experience in distributed generation and most recently as a member of the Joint
OFGEM/DTI Distributed Generation Co ordination Group. Dr Kennedy will provide
REG with invaluable experience of electricity transmission systems both in the
UK and Canada.
REG will also be appointing a Finance Director and an announcement on this
position will be made in due course.
Employee share option scheme
REG is establishing an employee share option scheme. Under the scheme, members
of the senior management team will be eligible to participate. The scheme
complies with the institutional shareholder guidelines which apply to fully
listed companies. The combined issue of shares under the new scheme and the RPM
option scheme will be subject to a cap of 10% of REG's issued share capital.
Initially it is intended that an additional 1% of REG's issued share capital be
made available for new options.
Personnel changes at The Cornwall Light & Power Co
Neil Harris has been appointed as Chief Executive Officer of CLP. Neil is a
structural engineer, has over 15 years of experience in the wind industry and
has worked as head of development at CLP since it was bought by REG in June
2005. Bruce Woodman is to take responsibility for strategy and communications
for the UK business and is also a director of REG's Canadian business AIM
PowerGen ("APG").
CLP has also recruited two full time developers Bob Morgan and Steve Allen. John
Mills has also joined the Company as head of group construction management. John
was previously head of construction at Falck Europe and previously GE Wind
Europe and has many years of experience in the industry. John will initially be
focussed on the extensive SOP construction programme at APG.
Mike Liston, Chairman, said:
"We are very fortunate to have secured Andrew's services as CEO. He has been at
the centre of REG's development since the company's admission to AIM in May 2005
and there is nobody better placed to take REG to the next level of growth,
especially with the market opportunities we currently face. The changes
announced today are REG's first steps in evolving into an operating company
structure. This process will continue over the coming months."
REG intends to release a trading update on 13 June covering progress on its UK
and Canadian operations.
Further information
Renewable Energy Generation Ltd
Mike Liston (01534) 505 320
Bell Pottinger Corporate & Financial
Nick Lambert / Amy Rajendran / Antonia Coad (020) 7861 3232
This information is provided by RNS
The company news service from the London Stock Exchange