REG - CT Automotive Group - Board Changes

CT AutomotiveAnnouncement

13/07/2023 16:30

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RNS Number : 9784F  CT Automotive Group PLC  13 July 2023

13 July 2023

 

CT AUTOMOTIVE GROUP PLC

("CT Automotive" or the "Company")

 

BOARD CHANGES

 

CT Automotive, a leading designer, developer and supplier of interior
components to the global automotive industry, announces the following Board
changes.

 

Changes to Board roles

 

As the business positions for growth and strengthens its governance, there are
a number of changes to Board roles, which take effect from today:

 

·    Simon Phillips will move from his current role as Executive Chairman,
to become Chief Executive Officer;

·    Raymond Bench, currently Independent Non-Executive Director, will be
appointed as Non-Executive Chairman;

·    Scott McKenzie, currently Chief Executive Officer, will step down
from the Board to a new role as Chief Operating Officer, Sales and Product
Development; and

·    Francesca Ecsery, currently an Independent Non-Executive Director,
will be appointed as Senior Independent Non-Executive Director.

 

The process to identify and appoint a new Independent Non-Executive Director
and Chair of the Audit and Risk Committee is ongoing.

 

Appointment of shareholder representative as Non-Executive Director

 

In addition, with effect from today, Nick Timberlake will join the Board as a
Non-Executive Director and appointee of Otus Capital Management Limited, which
currently owns 18.9% of the issued share capital of CT Automotive.

 

Nick is a director of India Capital Growth Fund and has over thirty years'
experience in the asset management industry, including as a portfolio manager
with HSBC Global Asset Management between 2005 and 2020, initially as Global
Head of Emerging Markets Equities and then Head of Equities. Previously, he
was a Director of F&C Emerging Markets Limited and has spent over 20 years
investing in global emerging markets equities. Nick is a member of the CFA
Institute and CFA Society of the UK.

 

 

Simon Phillips, Chief Executive Officer of CT Automotive, said:

 

"I am delighted to welcome Nick Timberlake to the Board and look forward to
working with him as we implement our strategy for improved efficiency and
growth. The changes to Board roles announced today ensure that we have the
right people in place to execute this strategy, including the recent
appointment of Anna Brown as CFO and Scott McKenzie taking up a new role
focused on sales and product delivery."

 

 

The following information is disclosed pursuant to Rule 17 and Schedule 2(g)
of the AIM Rules for Companies.

 

The names of all companies and partnerships of which Nicholas ("Nick") Richard
William Timberlake, aged 55, is, or has been a director or partner at any time
in the previous five years are set out below:

 

 Current directorships or partnerships   Previous directorships or partnerships (in the last five years)
 49 Monument Street Management Limited   None
 Lower Street Investments Limited
 Lower Street Residential Limited
 Panorama Property Developments Limited
 JP Property Holdings Limited
 Panorama Property Investments LLP
 India Capital Growth Fund Limited

 

Nick Timberlake owns 20,000 ordinary shares in the Company.  Save as set out
in this announcement, there are no further details to be disclosed under Rule
17 or Schedule 2(g) of the AIM Rules for Companies.

 

 

For further information please contact:

 

 CT Automotive                                                  via MHP

 Simon Phillips, Chief Executive Officer

 Anna Brown, Chief Financial Officer

 Liberum (Nominated Adviser and Broker)                         Tel: +44 (0)20 3100 2000

 Richard Lindley

 Benjamin Cryer

 MHP (Financial PR)                                             Tel: +44 (0)78 3462 3818

 Tim Rowntree

 Charlie Baker

 Veronica Farah

 CTAutomotive@mhpgroup.com (mailto:CTAutomotive@mhpgroup.com)

 

 

 

Notes to editors

 

CT Automotive is engaged in the design, development and manufacture of bespoke
automotive interior finishes (for example dashboard panels and fascia
finishes) and kinematic assemblies (for example air registers, arm rests,
deployable cup holders and storage systems), as well as their associated
tooling, for the world's leading automotive original equipment suppliers
("OEMs") and global Tier One manufacturers.

 

The Group is headquartered in the UK with a low-cost manufacturing footprint.
Key production facilities are located in Shenzhen and Ganzhou, China
complemented by additional manufacturing facilities in Turkey, Mexico and the
Czech Republic.

 

CT Automotive's operating model enables it to pursue a price leadership
strategy, supplying high quality parts to customers at a lower overall landed
cost than competitors. This has helped the Group build a high-quality roster
of OEM end customers, both directly and via Tier One suppliers including
Faurecia and Marelli. End customers include volume manufacturers, such as
Nissan, and luxury car brands such as Bentley and Lamborghini. In addition,
the Group supplies electric car manufacturers, including Lucid. It has also
recently started working with e.Go Mobile, a German manufacturer which plans
to launch a series of small electric vehicles for the budget end of the
market.

 

The Group currently supplies component part types to over 47 different models
for 19 OEMs. Since its formation, the Group has been the only significant new
entrant into the market, which is characterised by high barriers to entry.

 

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