Westport Announces Changes in Senior Management
VANCOUVER, May 8, 2003 -- Westport Innovations Inc. (TSX: WPT) today announced changes to its senior management team.
Stephen Anderson will step down as Vice President, Finance and Chief Financial Officer effective June 30, 2003, and Wade Nesmith has stepped down as President and Managing Director, Westport Europe. These changes reflect the commercial business transition that Westport is undergoing that was discussed in the Company's April 7, 2003 press release. Both Mr. Anderson and Mr. Nesmith shall provide consulting services to Westport for a period of time to ensure an orderly transition of their responsibilities.
Mr. Anderson originally joined Westport in 1998 as Controller and became Vice President, Finance in 1999 and Chief Financial Officer in 2000. During his tenure at Westport he was an important member of the team that built the Company from a University of British Columbia technology spin-out to a world leader in providing commercially available clean gaseous-fueled engines.
Mr. Nesmith joined Westport in 2000 as Vice President, Strategic Development and was a director of the Company from 1996 to 2002. He was part of Westport's Vancouver operations management team, and most recently was responsible for the successful acquisition and integration of what is now Westport Europe.
Pending the appointment of a permanent successor, Mr. Anderson's internal financial responsibilities will become the responsibility of Elaine Wong, who will be appointed Acting Chief Financial Officer on June 30, 2003. Ms. Wong, a Chartered Accountant, has been Westport's Director of Corporate Reporting since October 2001, and prior to that date held the same position at Telus Enterprise Solutions. Mr. Anderson's external financial responsibilities including capital markets relationships shall be shared by Dr. Michael Gallagher, Chief Operating Officer and Philip Hodge, Vice President and General Counsel.
Westport's European activities and customer management have been consolidated in Dortmund Germany under Dr. Bernd Bartunek, Managing Director, Westport Germany. Dr. Bartunek reports to Westport's Chief Operating Officer, Dr. Michael Gallagher. Cummins Westport's separate European customer management responsibilities were assumed earlier this year by Greg Young, Cummins Westport General Manager for Europe, Middle East and Africa.
"As Westport becomes a commercial operating company there will be a number of transitions in the business and the skill requirements that are needed," said Michael Gallagher, Chief Operating Officer. "The key is that Westport has the management depth in hand to allow for these transitions to take place smoothly, with minimal disruption to the day-to-day activities of the company."
"Leaving Westport after more than five years with the company is a difficult choice," said Mr. Anderson. "I am very proud of our accomplishments during that time; growing a world-class business and seeing it transformed into commercial reality has been one of the most rewarding experiences of my business career."
"Westport is in a dramatically different position than when I joined it seven years ago," said Mr. Nesmith. "Being part of the team that has been responsible for the Company's transformation has been very gratifying for me. I look forward to watching Westport prosper over the coming years."
"Both Wade and Steve have been respected colleagues and close friends over the years. Together with the rest of the management team we have overcome many challenges as Westport's commercialization plan has been executed," said David Demers, Westport's President and Chief Executive Officer. "I wish them all the best in their future endeavours."
Westport Innovations Inc. is a leading developer of gaseous fuel engine technologies. The patented Westport-Cycle(TM) technology allows new compression ignition engines to operate on a gaseous fuel, such as natural gas, propane, or hydrogen, while retaining the power and fuel efficiency of a diesel fueled engine. Operating with Westport-Cycle technology, a natural gas- powered, heavy-duty engine typically produces 60% less particulate matter and 40% less oxides of nitrogen, both of which are linked to lung diseases, and up to 25% less greenhouse gases than a similar engine using diesel fuel.
Note: Information provided and statements in this news release that are not purely historical are forward-looking statements about Westport's business, operations, technology development or to the environment in which it operates, which are based on Westport's operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, or are beyond Westport's control. It is important to note that Westport's actual future results could differ materially from those projected in such forward-looking statements because of a number of risks as detailed from time to time in the company's filings with regulatory authorities. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Westport disclaims any intention or obligation to update or revise any forward- looking statements, whether as a result of new information, future events or otherwise.
For further information, please contact: Moira Chicilo, Director, Corporate Communications Manager, Westport Innovations Inc. Phone: 604-718-2046, Email: mchicilo@westport.com Web: www.westport.com