REG - CT Automotive Group - Board Change

CT AutomotiveAnnouncement

13/12/2022 07:00

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RNS Number : 4535J  CT Automotive Group PLC  13 December 2022

13 December 2022

CT AUTOMOTIVE GROUP PLC

("CT Automotive" or the "Company")

BOARD CHANGE

CT Automotive, a leading designer, developer and supplier of interior
components to the global automotive industry, announces that David Wilkinson
has notified the Board of his decision to step down as Chief Financial Officer
of the Company for personal reasons.

It is intended that he will leave the Company on 30 April 2023. This will
enable David to manage the Company's year-end financial results and to make an
orderly handover to his successor.

The Board has commenced a process to search for an external candidate to
succeed David.

Simon Phillips, Executive Chairman, commented:

"I would like to thank David for his support and considerable contribution to
the development of CT Automotive over the past 11 years. All of my Board
colleagues and I wish him all the best for the future."

David Wilkinson, Chief Financial Officer, said:

"It has been a privilege to be part of such an exciting business and to see
the extraordinary development of CT Automotive."

For further information please contact:

 CT Automotive                                                           via MHP

 Simon Phillips, Executive Chairman

 Scott McKenzie, Chief Executive Officer

 David Wilkinson, Chief Financial Officer

 MHP (Financial PR)                                                      Tel: +44 (0)20 3100 8540

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

 Charlie Baker

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

 Richard Lindley

 Benjamin Cryer

 

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 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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