Dynex Power Announces Senior Management Changes
Mark Kempton to lead newly-formed Semiconductor Device division; Keith Maris joins as COO
Lincoln, England, October 25, 2017 - Dynex Power Inc. (TSXV: DNX), a leading, high power semiconductor company, today announces the following changes to the Senior Management Team, which are effective from November 1, 2017:
Mark Kempton, currently Director of Operations, has been appointed to lead the newly-formed Semiconductor Devices division, as Business Unit Director. In this role, Mark will assume responsibility for all of the company’s business and commercial activities for the Dynex range of semiconductor products. He will have profit and loss responsibility for the division that designs and manufactures IGBT, Bipolar and Advanced Modules, as well as the company’s die and foundry services.
Keith Maris is appointed to the role of Chief Operating Officer, with responsibility for the company’s manufacturing operations, and operational purchasing and quality functions. Keith joins Dynex from Rolls-Royce plc (RR), where he has held operational roles of increasing responsibility over the past 11 years. Most recently, he was RR’s Manufacturing Executive responsible for 4 production sites in Derbyshire and Nottinghamshire, UK. Keith has also run a Rolls-Royce joint venture in Xi’an, China, as General Manager.
Both positions will report directly to the President and CEO.
Commenting on the changes, Clive Vacher, President and CEO of Dynex, said, “The restructuring of Dynex into two divisions – Semiconductor Devices and Power Assemblies – is a further positive development in the turnaround journey of the company. With his in-depth product knowledge, commercial capability and manufacturing experience, Mark Kempton is ideally suited to leading the new Semiconductor Devices division. He will focus on developing its strategic direction, as Dynex continues to release industry-leading new products, and on improving the financial performance of the core areas of our business.
“I am also delighted to have secured the services of Keith Maris as COO. Keith brings with him a wealth of manufacturing experience and a consistent track record of operational improvements. I have no doubt that he will build on the excellent work already done by Mark Kempton in Operations, and continue the journey towards world-class performance and product quality.”
The Chairman of Dynex, Liu Ke’an, added, “These changes will help to further accelerate the ongoing turnaround of Dynex. Clive Vacher has been focused on building the highest-quality leadership team, and this represents another significant step towards that goal. I wish both Mark and Keith well in their important new leadership roles.”
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 March 31st , 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 sales of electric components including power semiconductor devices for the railway industry, urban railway industry and non-railway purposes.
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.