Dynex Power Announces CEO Paul Taylor is Stepping Down
Replaced by Clive Vacher in Mid-January
Listing: TSX Venture Exchange
Symbol: DNX
LINCOLN, England, Jan. 3, 2017 /CNW/ - Dynex Power Inc., a leading, high power semiconductor company, today announced a change in leadership.
Dr. Paul Taylor announced today that as of 16 January, he is relinquishing the position of Chief Executive Officer and Director, roles that he has held since 2004. He will be replaced by Clive Vacher.
In 1976, Dr. Taylor joined AEI Semiconductor Limited, a Lincoln business unit of GEC and the predecessor of Dynex Semiconductor Limited. At the time of the acquisition by Dynex in 2000, Dr. Taylor was Chief Technology Officer, which position he held until he was appointed President and Chief Executive Officer.
At the end of 2015 Dr. Taylor announced to the Board his intention to reduce his work load and a formal search was launched to identify a successor. Following his replacement, Paul takes up a new position as Chief Advisor to Zhuzhou CRRC Times Electric Co. Ltd., Dynex's parent company.
Dr. Paul Taylor commented, "I have been 40 years with Dynex and its antecedents, thoroughly enjoyed all my time as CEO. I am delighted to remain involved with CRRC Times Electric Company. I am excited that Clive Vacher has agreed to replace me. I have no doubt he will be very successful. He has an excellent background that's relevant to Dynex's needs."
After receiving his MBA from MIT's Sloan School of Management, Mr Vacher has held a number of senior executive positions with Pratt and Whitney, Rolls-Royce, General Dynamics and B/E Aerospace. He is in the final stages of an Engineering Masters Degree from Columbia University. He has proven himself to be a strong, hard-driving, team-oriented leader, and brings with him a proven track record of business turn-arounds in high technology, safety-critical industries.
Liu Kean, the Chairman of Dynex said, "We are very appreciative of the good work done by Dr. Paul Taylor. He has been a strong leader and I am delighted to be able to work with him in the future in his advisory role. I am very pleased to welcome Clive Vacher to Dynex. He impressed us when we first met him and we have the highest expectations for his performance at Dynex."
Forward-looking Statements
In commenting on its expectations, the Company cautioned existing and potential shareholders about relying on the Company's expectations in that the Company's expectations contain forward looking statements and assumptions which are subject to the risks and uncertainties of the markets and the future, which could cause actual results to differ materially from expectations, and which are each difficult and subjective to forecast. Certain of those risks and uncertainties are discussed in the Management's Discussion and Analysis for the quarter ended September 30th , 2016 and include, among other things, risks and uncertainties relating to: the level of worldwide demand for power semiconductors and power semiconductor assemblies; the level of investment in power electronic equipment, electrification of transport systems, alternative power generation and high quality power transmission and distribution; and fluctuations in exchange rates between Canadian Dollars, Sterling, US dollars and Euros. As a consequence of these and other risks and uncertainties, shareholders and potential investors must make their own independent judgments about the accuracy and reliability of the Company's expectations. Dynex disclaims any intention or obligation to update or revise any forward looking statement whether as a result of new information, future events or otherwise.
About the Company
Dynex designs and manufactures high power bipolar semiconductors, high power insulated gate bipolar transistor (IGBT) modules and die, high power electronic assemblies and radiation hard silicon-on-sapphire integrated circuits (SOS IC's). The company's power products are used worldwide in power electronic applications including electric power transmission and distribution, renewable and distributed energy, marine and rail traction motor drives, aerospace, electric vehicles, industrial automation and controls and power supplies. The Company's IC products are used in demanding applications in the aerospace industry. Dynex Semiconductor Ltd is its only operating business and is based in Lincoln, England in a facility housing the fully integrated silicon fabrication, assembly and test, sales, design and development operations. In 2008, a majority of the shares of Dynex were acquired by Zhuzhou CSR Times Electric Co., Ltd. In April 2016 this company changed its name to Zhuzhou CRRC Times Electric Co., Ltd.
Zhuzhou CRRC Times Electric Co., Ltd. is based in Hunan Province in the People's Republic of China. It is listed on the Hong Kong Stock Exchange. CRRC Times Electric is mainly engaged in the research, development, manufacture and sales of locomotive train power converters, control systems and other train-borne electrical systems, as well as the development, manufacturing and sales of urban railway train electrical systems. In addition, CRRC Times Electric is also engaged in the design, manufacturing and sale of electric components including power semiconductor devices for the railway industry, urban railway industry and non-railway purposes.
Press announcements and other information about Dynex are available at www.dynexpower.com.
Further information on CRRC Times Electric can be found at www.timeselectric.cn/en
All monetary values expressed in this release are in Canadian Dollars unless stated otherwise.
The TSX Venture Exchange has neither approved nor disapproved of the information in this press release.
SOURCE Dynex Power Inc.
Dr. Paul Taylor, President and Chief Executive Officer or Bob Lockwood, Finance Director and Chief Financial Officer, Dynex Power Inc., Tel: +44 1522 500 500, Email: [email protected]
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