REG - CT Automotive Group - Directorate Change

CT AutomotiveAnnouncement

17/10/2024 07:00

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RNS Number : 5078I  CT Automotive Group PLC  17 October 2024

17 October 2024

 

CT Automotive Group PLC

("CT Automotive" or the "Group")

 

Appointment of Chief Financial Officer

 

CT Automotive, a leading designer, developer and supplier of interior
components to the global automotive industry, is pleased to announce that
Salman Mohammed is succeeding Anna Brown as Chief Financial Officer of CT
Automotive and joins the Board with immediate effect.

Anna will step down from the plc Board on  31 October and has kindly agreed
to remain as a Board and Finance advisor until 31 December 2024 as part of
ensuring an orderly handover.

 

Salman joined CT Automotive in October 2023 as Group Finance Director. He has
significant financial and commercial experience gained from senior finance
leadership roles working for UK listed companies and for private equity owned
US companies. Prior to joining CT Automotive, he spent six years at Zotefoams
plc as Group financial controller and finance business partner. He is a fellow
of the Association of Chartered Certified Accountants and holds an executive
MBA from the University of Warwick.

Raymond Bench, Chairman of CT Automotive, said:

"On behalf of the Board, I would like to thank Anna for continuing to support
the business and to welcome Salman to his new role as CFO. Naturally, we know
him well already and over the last twelve months he has shown he has the
requisite skills and knowledge to be a key part of our leadership team. I look
forward to working closely with Salman as the business focuses on delivering
on the expected step changes in revenue growth coming over the next two
years."

 

Regulatory Disclosures

 

Save for the information set out below, there are no further disclosures to be
made in accordance with Rule 17, Schedule Two (g) of the AIM Rules for
Companies in respect of the appointment of Mr. Salman Mohammed, aged 44.

 

 Current Directorships  Past Directorships (previous 5 years)
 None                   Celtech Solutions Limited

                        Zotefoams Pension Trustees Limited

                        SHA Business Consultants Limited

 

 

 

 

Enquiries:

 CT Automotive                                                       Via Novella

 Simon Phillips, Chief Executive Officer

 Anna Brown, Chief Financial Officer

 Singer Capital Markets Advisory LLP (Nominated Adviser and Broker)  Tel: +44 (0)20 7496 3000

 Steve Pearce, Alex Bond, James Todd

 Novella Communications (Financial Public Relations)                 Tel : +44 (0)20 3151 7008

 Tim Robertson, Claire de Groot, Safia Colebrook                     ctautomotive@novella-comms.com (mailto:ctautomotive@novella-comms.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 Mexico, Türkiye and
Czechia.

 

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
portfolio of OEM customers, both directly and via Tier One suppliers including
Forvia and Marelli.  End customers include volume manufacturers, such as
Nissan, Ford, GM and Volkswagen Audi Group, and premium luxury car brands such
as Bentley and Lamborghini.  In addition, the Group supplies all our customer
base with a range of products for PHEV and BEV platforms and supplies electric
car manufacturers, including Rivian and a US based major EV OEM.

 

The Group currently supplies component part types to over 57 different models
for 22 OEMs. Since its formation, the Group has been one of the very few new
entrants to the market, which is characterised by high barriers to entry.

 

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