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Axeon’s Hamish Grant Resignation as Chief Executive Officer!

By Amarendra Bhushan for CEOWORLD Magazine Updated:December 2, 2008

Axeon, the supplier of lithium-ion battery solutions, announces that it is experiencing a further deterioration in its markets since the time of its last update to shareholders announced on 24 September 2008. The unprecedented change in the general economic environment has severely impacted customer demand in our small battery division, which supplies into the European handheld power tool market. Mobile power has been growing strongly over this year, but from a small base. While the longer-term outlook for Automotive remains encouraging, this year has seen slower demand than anticipated. This deterioration and the continued uncertain outlook through December will result in a full year outturn considerably below current management expectations.

The Company has already reduced headcount and overhead; these, together with cash conservation, prioritisation of engineering resource and a focus on securing a higher margin sales mix, remain key objectives. The Company will give a trading update for the year to 31 December 2008 in January 2009.

Hamish Grant has today resigned as a Director and Chief Executive Officer of the Company. Non Executive Chairman Charles Matthews and Non Executive Director Lawrence Berns have assumed executive roles supporting Chief Operating Officer Jim Ferguson.

Charles Matthews said: “I would like to thank Hamish for his contribution to the Company over its formative years. I am pleased that Lawrence has agreed to move to an executive position with the Company. His general and strategic management knowledge and experience in the automotive sector gained internationally with ArvinMeritor, ITW, Hella and GM will be of great help to Axeon as we re-structure the business through this difficult economic climate. In addition, the recent appointment of Jim Ferguson brings important and valuable expertise in electronic contract manufacturing to the management team.”

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