OEC 1.19% 42.5¢ orbital corporation limited

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    ASX AND MEDIA RELEASE: 27 May, 2002
    FOR IMMEDIATE RELEASE
    ASX Code: OEC
    NYSE Code: OE
    Berlin Code: ORE
    Frankfurt Code: OREA
    Orbitai Announces Board Changes and Major Reorganisation
    PERTH, AUSTRALIA OrbitalEngineCorporationtodayannounced that
    following a
    detailedreviewofoperations by theBoardand CEO, PeterCook,aseries of
    Board,
    management and operational changes, including a level of staff
    reductions, have been put
    in place.
    These changes, which were foreshadowed last week, are part of the
    Company's campaign
    to be cash neutral next financial year, to be more commercially
    focused and to reflect the
    Company'sprogressionfromaphase of researchanddevelopment to one of
    commercialisation of its air assisted direct injection fuel system.
    The reorganisation will
    result in a company of a reduced size and well-equipped to support
    its commercialisation
    pipeline,
    The Board has determined that a complement of five members is now a
    more appropriate
    scaleforitsownactivitiesandaccordingly three
    longstandingBoardmembers,Kim
    Schtunke, Alan Castleman and Robin Forbes, have retired with
    immediate effect.
    Orbital Chairman Mr Ross Kelly paid tribute to the Board members
    stating that "All have
    contributed significantly to the business and it has been a great
    pleasure to have served
    with such a committed Board. I would particulariy like to thank
    former CEO Kim Schlunke
    whohas contributed much to Orbital's technical innovation and getting
    the first products
    intomarket.''MrSchlunkehas also resignedfrom his
    executivepositionwith Orbital
    although will be available to complete certain projects for the
    Company.
    Orbital also announced it wilt strengthen the delivery of its
    engineering resources with the
    appointment of Dr Rod Houston to the newly-created position of
    Director of Engineering.
    Dr Houston, with j 4 years of international industry experience, wilt
    focus on advancing and
    delivering Orbital's technology as well as increasing professional
    engineering contact with
    customers.
    Ramon Newmann wilt head Orbital's Automotive division and operate in
    close proximity to
    themajorcustomersout of Orbital's small UK
    office.Afterseveralyearsexperiencein
    Europe, Mr Newmann has developed a close working relationship with
    major customers
    and suppliers in the automotive sector.
    DeanaCesariwillheadOrbital'sMarineandRecreation Division, filling
    thevacancy
    created by the appointment of Mark Norman as President of Synerject,
    Orbital's 5050 joint
    venturewithSiemens VI30 Automotive.Orbital'sCFO,KeithHalliwett,will
    join theSynerject Board. John Beech wilt take up the position of
    Commercial Director, Marine and
    Recreation and wilt be basedout of Orbital's US offices in Virginia,
    USA. Thechanges
    reflectthecloserworkingrelationshipbetweenthebusinesses in
    accessingthe non-
    automotive market and point to a more streamlined operation overall.
    Thirty-fivestaffmembers,predominantlyfromengineeringbut also
    fromadministration,
    financeandmanagement,haveacceptedredundancies. Orbital retains j40
    staffworld-
    wide and is now appropriately sized to meet its forecast level of
    activity.
    Mr Cooksaid "1 wish to express my appreciation to all
    stafffortheireffortsand
    contribution.Thepersonalimpact
    ontheindividualsandfamiliesdirectlyinvolved is
    distressing but an essentialpartofthestepsneeded to meetourcommitment
    to
    shareholdersandmaintainour focus on, andaccountability for, profitin
    all business
    areas."
    "We must ensure that Orbital has the financial and human resources
    necessary to convert
    a number of opportunitiesavailable to it in theautomotive, marine,
    recreationaland
    motorcycle markets. The steps we have taken over the past few days
    were necessary to
    ensure that we achieve this goal."
    Orbital is a hading international developer of engine technologies
    using direct in-cyhder fuel
    injection and lean-burn systems for enhanced fuel economy and lower
    emissions. The company
    serves the worldwide aufomofiw, marine, recreational and motorcycle
    markets. Headquarfered in
    Perth, Western Australia, Orbital stock is traded on the Australian
    Stock Exchange (OEC), fhe New
    York Sfock Exchange (OE) as well as the Berlin (ORE) and Frankfuri
    (OREA) Exchanges.

 
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