Changes at Hyde Sails

Mike Lennon becomes Chief Executive as Edward Hyde steps aside from day to day operations

Hyde Sails, established in 1965, has decided on some major revisions to its management structure to ensure that the Company remains a significant force in the sailmaking market for many years to come.

Edward Hyde, currently the chief executive, is to become Chairman and will no longer be involved in the day-to-day operations. In his new role Edward will focus on strategic issues to ensure that the Company makes the right moves in the rapidly changing sailmaking market. Hyde recently established a wholly owned manufacturing facility in the Philippines and this is typical of the strategic activity, which will be required in future if the Company is to retain its leading position in the market.

Mike Lennon becomes Chief Executive with immediate effect. Mike has been with Hyde Sails since 1986, joining the Board as Technical Director in 1995. In this role he has been responsible for the success of Hyde Sails in the yacht sail market, producing a stream of competitive and innovative sail designs, which have rapidly established Hyde as a leader in this intensely competitive sector. It was Lennon who championed the move to Philippines and who went out there for six months to establish the facility and to set up production. He managed this so successfully that he was able to return to the UK at the beginning of March, leaving Ian Flanders to manage the loft in the Philippines. Mike owns 12% of the Company and has a significant stake in its future.

Two Executive Directors will support Mike. Jackie Demain, the Finance Director, has been with the Company for five years. She has proved her worth during the recent period of major change in which the central event has been the establishment of the factory in the Philippines. Jackie will continue to be responsible for the Company's finances and administration both in the UK and in the Philippines. Richard Franks will continue as Sales & Marketing Director. Richard has been with Hyde Sails since 1990 and has the advantage of experience in three key areas of the business, production, sales and development. In recent years Richard has been a key member of the sales team which has taken Hyde into the yacht market-this experience will continue to be invaluable in his management of the sales team but Richard will also become increasingly involved in the relationships with major OEM customers such as Performance Sailcraft, RS and Topper International.

Edward Hyde commented; "I have been trying for some years to put together a team to take the Company forward. We have had one or two false dawns but this time I am very confident that Mike, Jackie and Richard will look after the business, its staff and customers as well, if not better, than I would myself. The last year has been full of tough decisions and a high degree of risk and this was an ideal opportunity for the team to prove to me that it could manage the hard things well. They have lived up to my expectations in every way and I am very comfortable that I will be able to rely on them in the future."