The CEO of Leeds tech business Tracsis plc is to step down at the end of the month after six years in the role.
Tracsis, founded in 2004, provides software, hardware, data analytics and services for the rail, traffic data and wider transport industries.
It said in April that it would hire more staff to drive growth following a ‘disappointing’ performance in the first half of the year, driven by uncertainty in the UK rail market.
Tracsis’s share price has dropped 40% in the past 12 months.
However this morning, in announcing the departure of Chris Barnes, it confirmed that it remains on track to achieve FY25 adjusted EBITDA within the range £12.5-13.5m.
Barnes joined the firm in 2019 from Ricardo’s automotive consulting division, replacing John McArthur, who had opted to focus on his family and other non-business matters.
He will be replaced by David Frost, who starts today and will take over the CEO role and join the board on 1st August 2025.
Frost is described as an accomplished CEO in the industrial technology sector with a proven track record of driving organic growth, executing high-quality M&A and delivering advanced analytical software solutions across critical infrastructure end markets, together with extensive US experience.
He joins from Sheffield-headquartered Ovarro, an IoT technology leader in the monitoring and control of remote critical assets in national and critical infrastructure markets. He delivered revenue and profit growth of 2.5x and 3x respectively at the firm.
Prior to Ovarro, he served in a senior capacity at Eaton Corporation, General Electric and Honeywell.
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Jill Easterbrook, who joined as non-executive chair of Tracsis in 2023, said: “I am pleased that David is joining Tracsis at this important time for the business. He is a strong CEO with prior experience of leading a technology business in the critical infrastructure space. Together with his focus on strategic thinking, organic growth and M&A, this makes David ideally suited to the role.
“Chris has made significant progress during the last six years in modernising and streamlining the Group to create a platform for future growth. He guided the business through the challenges of Covid, expanded the business into international markets and has been instrumental in setting Tracsis’ strategy to deliver long term shareholder value.
“The board and employees have greatly valued Chris’ passionate and energetic leadership and we wish him well for the future.”
Barnes said: “It has been a privilege to lead Tracsis over the past six years. The group has developed significantly in that time, establishing a clear strategic focus and strong foundations to support future growth.”
Frost said: “I am honoured to succeed Chris and to lead Tracsis into its next chapter. Tracsis is an outstanding business, operating in specialist markets with strong underlying fundamentals that underpin our strategic direction.
“Our compelling value proposition, built on innovation and deep sector expertise, positions us to address the evolving challenges of the rail and wider transport sectors, both in the UK and globally.
“With a strong financial foundation and a dedicated and talented team, I look forward to guiding Tracsis through its next phase of sustainable growth.”
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