F&I Management & Training

BIRMINGHAM, Steve Young, who was appointed as Chief Executive and a Director of the Company when GAZ acquired the Birmingham based light commercial vehicle specialist in July 2006, and has led the turnaround, has resigned to pursue other opportunities in the industry. His replacement as a Director of the Company will be Eugeny Vereschagin, the Chief Financial Officer of GAZ Power Train Division. An announcement related to the appointment of a new Chief Executive will follow in due course. Martin Leach, Executive Chairman of LDV, will act as interim Chief Executive. He said: "The business has gone through enormous change over the last 18 months, with new products, new markets and significant improvements across the board in all aspects of performance. Steve provided invaluable leadership in these changes, whilst building confidence in LDV and the MAXUS product as a real alternative to the major players in the light commercial vehicle market." LDV was awarded the UK Company of the Year by the Institute of Transport Management in August 2007 this year for an "outstanding achievement in business turnaround". MAXUS has launched in Belgium, France, Holland, Malaysia and Spain with over 100 dealers added in those countries, and was launched in Russia by GAZ. Bus and chassis cab products have been added to the range, with over 200 new jobs created on the Birmingham site to support the growth. Commenting on his decision, Steve Young said: "This was not an easy choice for me, but LDV is a great company with a loyal and dedicated workforce, and a highly competitive award-winning product. I am confident that LDV will continue to develop and satisfy an increasing number of informed customers around the world. I wish both GAZ and LDV well for the future."

DATED: 21.12.07

FEED: AW