Xtrac, a world leader in high-performance transmissions for the motorsport and automotive industries, has announced that Joe Greenwell is to be appointed non-executive chairman with effect from July 2018.
Having recently joined the main board as one of three new non-executive directors, Greenwell will take over the role from Peter Digby, who becomes company president. Xtrac’s chief executive, Adrian Moore will continue to head up the executive team responsible for day-to-day operations.
Joe Greenwell has most recently served as chief executive of the Government’s Automotive Investment Organisation established in 2013 and now part of the Department for International Trade. He is also chair of the RAC Foundation and has served as a board member of the Government-backed High Value Manufacturing catapult since 2012. Greenwell’s 45-year career in the motor industry has included many senior roles, including chairman and CEO of Jaguar Cars before being appointed chairman of Ford of Britain. In recognition of his services to the automotive industry Greenwell was awarded a CBE in the Queen’s birthday honours list in 2011.
Working alongside Digby, both the chairman and president roles will focus on Xtrac investing in new equipment and additional staff to increase capacity and improve efficiency to further strengthen the core motorsport business, with an additional focus in transferring applicable technologies to the wider high-performance automotive sector. This latest significant investment follows a buyout of Xtrac by Inflexion Private Equity announced in September.
Greenwell said: “I’ve followed Xtrac with interest from its first ever participation in The UK Manufacturer of the Year Awards, when I was on the judging panel back in 2010. Despite being a new entrant, Xtrac took top honours in the Advanced Manufacturing Category. I was not surprised to see Xtrac returning again to be crowned the overall winner in 2014; it’s an archetypal up-to-the-minute manufacturing company that sets a benchmark for other SMEs to follow – operating in a sector forming a key part of the Government’s industrial strategy.”
Digby commented: “Xtrac is constantly evolving and we are totally committed to growing our established motorsport business and to further improve our service to our long-standing customers, as the new investment in our major factory expansion will confirm. Additionally, Joe brings unrivalled experience as a highly respected and influential figure within the automotive sector, having developed vital relationships with the global automotive industry, trade bodies, government and academia. His insight on key issues as the automotive industry undergoes a significant shift towards an autonomous, connected and electrified future will be invaluable in the continued development of Xtrac – helping to further position the company as an exemplar of UK research, innovation, advanced design and manufacturing prowess.”