New Finance Director

RNS Number:7572Q
Corac Group Plc
26 March 2008 

Directorate Changes

The Board of Corac Group plc announces the appointment of a new full time Finance  Director and Company Secretary with immediate effect.
 
Philip Newell BSc, FCA, aged 49, has considerable experience with small, high technology companies including that of  Finance Director of AIM listed Hydrodec Group Plc.    He has held senior financial roles at Cable and Wireless plc and  was Group Financial Controller of UK and US listed LEP Group plc.   These positions have given him valuable experience  for his broader role in Corac's senior management team.  Philip qualified as a Chartered Accountant with Touche Ross &  Co in 1982 and has also worked for Pricewaterhouse.
 
Professor Gerry Musgrave, Executive Chairman, said:
 
"I am delighted to announce Philip's appointment as Finance Director & Company Secretary and to welcome him to Corac's Board.  This full time appointment will strengthen our management team in line with our forward planning.  Philip's experience of strategic and business development, as well as corporate finance will be used to help the overall  administration of the Company enabling other senior staff to focus on important roles to move Corac further in its commercial growth."
 
Tom Ivings has stepped down from his position as part time Finance Director with immediate effect although he is  continuing to support Corac during a two month handover period. The Board would like to thank Tom for his contribution  to the development of the Group over the last two years and wish him well in the pursuit of his other existing business  interests.
 
The companies of which Philip Newell has been a director in the past five years
are as follows:
 
Austenwood Limited*
Yorkgreen Power Limited*
Hydrodec Group plc
Closed Joint Stock Company Sakhalin Telecom Mobile
Cable & Wireless CIS Services Limited
Cable & Wireless Western Hemisphere Luxembourg S.A.R.L.
 
* Current Directorships
 
No further disclosures are required to be made in relation to Philip Newell under schedule 2 (g) of the AIM rules.
 
For further information:
 
Corac Group plc                                         01895 813 463
Professor Gerry Musgrave, Executive Chairman
 
Buchanan Communications                                 020 7466 5000
Richard Darby, Suzanne Brocks, Ben Romney
 
Cenkos Securities plc                                   020 7397 8900
Camilla Hume 

This information is provided by RNS from information provided by Corac Group plc.

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