Leyland fuel firm’s CEO set to step down

Strategy: Jeremy Deering
Strategy: Jeremy Deering
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Torotrak chief executive Jeremy Deering is to step down after completing the first phase of the company’s strategy for future growth.

Mr Deering has led the Leyland-based fuel efficiency firm for two years.

The move comes as Torotrak has reported a rise in its pre-tax losses as a result of investment in the group.

The operating loss before intangible amortisation and exceptional items for the six-month period to September period was £3.4m.

That compares to a loss in the six months ended September 30, 2013 of £1.4m.

Nick Barter has been appointed chairman and Mr Deering says he intends to step down as CEO in 2015, having established and 
executed the first phase of the company’s new strategy for future growth.

Mr Deering said: “Our focus during the last six months has been on delivering the plan we presented to shareholders: to bring our Flybrid commercial vehicle KERS product to market in commercial volumes in the next financial year; to put in place skills and infrastructure for in-house, lower-volume and higher-value manufacturing; and to prepare our other technologies for market introduction in conjunction with Tier 1 and OEM licensees.

“We are very excited about the progress made with our V-Charge technology.”

He added: “Torotrak’s three technologies are now at the top of agendas with worldwide automotive manufacturers at a time when technology and regulatory change is sweeping through the global automotive industry.”

In another move, Steve Hughes, formerly engineering director at JCB Transmissions, has joined the group as chief operating officer.