BofA warns Fed risks policy mistake with early rate cuts
LONDON - Tracsis plc (LSE:TRCS), a transport technology provider, announced Wednesday that Chief Executive Officer Chris Barnes will step down on July 31, 2025, after six years in the role.
David Frost will succeed Barnes as CEO, joining the company today before formally assuming the role and board position on August 1, 2025. Barnes will remain with the business temporarily to ensure a smooth transition.
Frost most recently served as CEO of Ovarro Ltd, an IoT technology company focused on monitoring critical infrastructure assets, where he reportedly delivered 2.5x revenue growth and 3x profit growth. His previous experience includes senior positions at Eaton (NYSE:ETN) Corporation, General Electric (NYSE:GE) and Honeywell (NASDAQ:HON).
Tracsis confirmed it remains on track to achieve its previously communicated fiscal year 2025 adjusted EBITDA target range of £12.5 million to £13.5 million.
Jill Easterbrook, Non-executive Chair of Tracsis, described Frost as "a strong CEO with prior experience of leading a technology business in the critical infrastructure space," noting his focus on strategic thinking, organic growth and mergers and acquisitions.
Regarding the outgoing CEO, Easterbrook stated that Barnes had "made significant progress during the last six years in modernising and streamlining the Group" and guided the business through COVID challenges while expanding into international markets.
Barnes called his tenure "a privilege" and expressed confidence in the company’s future, while Frost said he was "honoured" to lead Tracsis into its next chapter.
The information was disclosed in a company press release statement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.