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HAVANT, Hants. (28 July 2008) – Lewmar Marine plc today announced that joining the board
effective 28 July are Peter Tierney, ex-CEO Loganair Ltd., and Hugh Stewart, managing partner of
Shackleton Ventures Ltd., who will bring strong manufacturing and finance experience to the company.
Mr. Tierney, who assumes the role of board chairman, was formerly CEO of Canada’s Vector
Aerospace, and managing director of the U.K.’s SIGMA Aerospace.
Mr. Stewart, who has 25 years’ venture capital experience following several years in industry in
general management, marketing and planning, represents Shackleton Ventures Ltd. whose funds acquired
21% of the issued share capital of Lewmar from 3i Group plc in December 2007. Funds managed by
Shackleton own an interest in over 25 companies.
Rhoddy Swire, who has been chairman since 1999, has resigned from the role of chairman but will
continue on the board as the senior non-executive director. As previously announced, Barnaby Swire has
resigned from the board effective 1 July 2008.
The board officially thanked Barnaby Swire for his dedicated efforts on behalf of the company.
Peter O’Connell, chief executive officer, and Nicholas Chalmers, finance director and company
secretary, will continue to serve as board members.
Despite a softening in the marine market in the U.S. and Europe, Lewmar remains well-positioned
thanks to its strong presence in Australia and the Far East, and its focus on providing high performance
gear for the growing racing and custom yacht segments.
FOR MORE INFORMATION CONTACT: Lisa Jenson
ljenson@lewmar.com
+44 (0)2392 485 726
Lewmar manufactures, designs and distributes winches, hatches, portlights, deck hardware, anchoring and windlass products, thrusters and steering gear to the world’s sailboat and powerboat building industry. Lewmar is the world’s premier leisure marine equipment supplier. Manufacturing is located at two sites in the U.K. with sales offices in the U.K., Europe and the U.S., and a worldwide network of agents and distributors.
Navtec specialises in the design, manufacture and sale of rigging and hydraulic systems to the world’s sailboat industry. Its products are branded Navtec and Norseman Gibb. Manufacturing is located in the U.S. with sales offices in the U.K., Europe and the U.S., and a worldwide network of agents and distributors.
The strength of the Lewmar and Navtec manufactured products is centred on global brand leadership, product development and integrated relationships with its customers, including boat builders and the retail sectors.
Lewmar Marine Plc is a Scottish-registered holding company of which the principal business is the ownership of Lewmar Ltd, Lewmar Inc and Navtec Inc. The Group's financial year ends on 30th June.
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