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.