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20 March 2008
ORBITAL CEO TO STEP DOWN
PERTH, AUSTRALIA:
International clean energy technology group Orbital Corporation
Limited (ASX: OEC - "Orbital") announced today that its
Chief Executive Officer, Dr Rodney Houston, would be standing down
from his executive role at Orbital.
Peter Day, Chairman of Orbital, said, "On
behalf of the Board and all employees, we will be very sad to see
Rod leave Orbital after nearly 20 years of successful and productive
contribution to the organisation. We fully respect and understand
Rod's desire to return to Ireland and give him and his family our
very best wishes for the future."
Dr Houston will remain as CEO with Orbital
until the end of June and assist with the transition and induction
of a new CEO. Dr Houston has also agreed to continue a relationship
with Orbital and will take up an appropriate access arrangement.
Dr Houston said, "My decision to step
down is a personal one and reflects my desire to embark on a new
chapter in my life. This is a wonderfully innovative industry and
Orbital is well positioned to take advantage of its existing and
emerging clean energy solutions."
The Board has commenced its review for
his successor and will consider both internal and external candidates.
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