The board of Hansen Transmissions International is pleased to announce, with effect from 31 March 2010, the appointment of Alex De Ryck as chief executive officer (CEO) following the decision by Ivan Brems to retire from active executive duties as CEO of the company.

Alex De Ryck currently holds the position of chief financial officer (CFO) and is a member of the board. The board is pleased that Alex De Ryck has accepted the appointment as CEO, which will enable a smooth handover of responsibilities.

Subsequent to 31 March 2010, Ivan Brems will continue to be available to the group in a new capacity as a consultant to the board and executive committee. The board is in the process of appointing a new CFO and will communicate on this position in due course.

Tulsi Tanti, chairman of the board, commented: “Ivan Brems has been instrumental, over many years, to the successful growth of Hansen into a world-leading supplier of high quality gearboxes for the wind industry. The board wants to thank Ivan for his valuable work at Hansen and is happy that he will continue to support Hansen on a consultancy basis in the next stage of the company’s development.”

Ivan Brems commented: “It is with great confidence that I hand over to Alex De Ryck, who has known Hansen for more than 20 years and has been with the group for six years as CFO. I have worked with Alex for almost six years and am delighted to be handing over to him. He was the unanimous choice of the board and I am convinced that he is the right successor and will lead Hansen to continued future success.”

Alex De Ryck commented: “I am extremely honoured to be offered the opportunity to lead Hansen at this important time in the company’s development. Ivan has been critical to the success of the group over many years and we wish him well in the future. Although these are clearly challenging times for the wind industry we are well prepared and have an outstanding team in place. Trading for the current financial year remains in line with previous guidance and as anticipated in January we have recently created additional financial flexibility for the group by re-negotiating our bank covenants. I am convinced that Hansen is well placed to exploit the opportunities that lie ahead and look forward to leading the company to future successes.”

The next update for shareholders is scheduled on 17 May 2010 with the release of our full year results.