Retrac Group Announces New CEO, Company Structure
Photo of Dan Walmsley
Retrac Group, a United Kingdom advanced manufacturing specialist for Formula 1, has announced a structural change designed to increase growth and enhance the security and prospects of its employees.
The Swindon-based company’s ownership has been transferred from the Carter family to an Employee Ownership Trust (EOT) structure, making the 115-strong workforce the company’s beneficiaries.
Experienced automotive and motorsports executive Dan Walmsley has been appointed as CEO. He will lead the Group’s two divisions, Retrac Productions Ltd and Retrac Composites Ltd. Long-standing co-owner and Retrac Productions managing director, Andy Carter, has been appointed as chairman of Retrac Group.
Dan Walmsley arrives at the company from VentilatorChallengeUK Consortium. Prior, he was the motorsports director at McLaren Automotive from 2016-20, having been team principal at FIA World Sportscar Championship entrant Strakka Racing.
“We firmly believe that the EOT mechanism is the correct succession plan for the business,” Carter said. “Since my father founded Retrac in 1972, the most important aspect of the business is the employees. The average service record of more than a decade stands as a testament to the loyalty and commitment of the Retrac workforce. The benefits that EOT employee ownership can bring to businesses are widely acknowledged—including improved employee engagement and wellbeing and better business performance. We want our employees to have the chance to share in future success.”
Retrac Group has been a supplier to more than half of the Formula 1 World Champions in the past 25 years. It also provides engineering solutions in advanced materials, tooling, and component manufacture.
For more information, visit retrac-productions.co.uk.