Ian Dugan, President and CEO of Concentric AB, has announced that he is to leave the company following its recent successful demerger from the former Haldex Group in order to join the private equity group Bridgepoint Capital Ltd.
Ian Dugan (53) has led Concentric since 2002, when it was a PLC, transforming the company and more than doubling sales in the process. This success led to its acquisition by Haldex in 2008 and incorporation into the Haldex Hydraulics Division, with Ian Dugan appointed CEO. Since then, he has guided the enlarged division through the recession, achieving equally high levels of performance in the hydraulics business and in the engine pumps for which the Concentric name is best known.
As a result, it was decided that a demerger of the Haldex Group would deliver best value for shareholders and Ian Dugan has piloted the process which will culminate in Concentric AB's listing on the Stockholm exchange starting Thursday 16 June. Although he will be on hand in an advisory role for a period, full control will be handed over to the new President and CEO David Woolley, formerly head of Haldex Hydraulic Systems in Europe, as of 1 August 2011.