Optare’s chief executive resigns

LANCASHIRE busmaker Optare is looking for a new chief executive following the surprise resignation of Andrew Brian.

In a statement to the stock exchange Optare said Mr Brian had resigned with immediate effect for personal reasons. Chief finance officer Mike Dunn has taken on the role temporarily and John Fickling has become executive chairman.

Mr Brian oversaw a period of rapid change while at the helm of the company. He was appointed chief executive of the Blackburn-based Darwen Group in January and managed its £16m reverse takeover of Leeds-based Optare in July.

Announcing the group’s interim results in September Mr Brian said turmoil in the credit markets and record oil prices had created uncertainty, but strong demand for public transport throughout Europe was driving growth at the business which employs 830 people.

However, Optare’s share price has been in steady decline since the summer, falling from 29p in July to 12p today, valuing the business at £19m.

In the six months to June 30 the group made an operating loss of £1.6m, down slightly on last time. Turnover was £7.8m, up from £4.1m in the 144 days to December 31, 2007.

Before joining Darwen Mr Brian held a number of board positions within private and publicly owned businesses, including Cambridge-based Global Graphics.