7 June 2010
Northgate plc ("Northgate", the "Company" or the "Group"), the UK and Spain's leading specialist in light commercial vehicle hire, today announces the following changes to the Board.
Bob Contreras, Group Finance Director, will become Chief Executive with immediate effect. Bob joined Northgate in June 2008 and made a significant contribution to the Group's debt refinancing and Placing and Rights Issue in 2009.
Bob held a number of senior management positions prior to joining Northgate and will focus on implementing a fundamental reorganisation of the UK business. The UK and Spanish businesses will continue to concentrate on maximising return on capital employed, our key performance measure.
Paul Tallentire, Deputy Chief Executive, has decided that his future lies outside the Group and will be leaving with immediate effect.
Bob Mackenzie, Chairman of Northgate, said:
"I am delighted that Bob has accepted the role of Chief Executive following his excellent work as Group Finance Director over the last two years. I wish to thank Paul on behalf of the Board for his contribution to the Group since November 2008. He has been instrumental in focusing the business on hire rate improvement and efficient fleet management which positions us well for future profitable growth. An announcement in relation to the appointment of a new Group Finance Director will be made in due course."
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For further information, please contact:
Bob Mackenzie, Chairman
Bob Contreras, Chief Executive
020 7357 9477
Notes to Editors:
Northgate plc rents light commercial vehicles and sells a range of fleet products to businesses via a network of hire companies in the UK, Republic of Ireland and Spain. Its NORFLEXÒ product gives businesses access to a flexible method to acquire as many commercial vehicles as they need, without tying up capital or entering a fixed term contract.
Further information regarding Northgate plc can be found on the Company's website: http://www.northgateplc.com