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August 11, 2006
LONDON -- The Board of telent plc announces that it has agreed with Mike Parton that he will step down as Chief Executive Officer of the Company with effect from 31 October 2006.
Mark Plato, Managing Director, will continue to be responsible for running the operational businesses of telent.
Mike Parton, CEO of telent, said
"Since becoming CEO in 2001, we have restructured the company's balance sheet and its business which facilitated the Ericsson transaction last year that provided a stable long term future for the company's product business, and the financial resources to fund our UK Pension Plan and return capital to our shareholders.
At the time of the Ericcson announcement, I said that I was committed to ensuring that telent made a strong start as a new company and that the long term future of our UK Pension Fund was secured.
Now that both these objectives have been achieved and the proposed offer from Holmar has lapsed, I feel this is an opportune time for me to move on.
I would like to thank John Devaney, the Board and all of my colleagues for the tremendous support they have given to me over the years."
John Devaney, Chairman of telent said
The Board of telent plc would like to thank Mike for his huge contribution in successfully restructuring the balance sheet, completing the Ericsson transaction and for securing the future of the UK Pension Fund. I have enjoyed working with Mike since I became Chairman three and a half years ago, and wish him every success in the future.”
telent plc (London: TLNT)
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