REG - CT Automotive Group - Directorate Change

CT AutomotiveAnnouncement

05/11/2024 07:00

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RNS Number : 8760K  CT Automotive Group PLC  05 November 2024

05 November 2024

 

CT Automotive Group PLC

("CT Automotive" or the "Group")

 

Non- Executive Directorate Change

 

CT Automotive, a leading designer, developer and supplier of interior
components to the global automotive industry, announces that Francesca Ecsery
has informed the Board she wishes to step down from her role as Non-Executive
Director, to provide more time for her multiple board and committee roles.
Francesca will remain on the Board until 31 December 2024, having successfully
completed a 3 year term.

Francesca's position as Chair of the Remuneration Committee will be taken up
by Raymond Bench from 1 January 2025. The Company is not intending to seek an
immediate replacement but will instead keep the composition of the Board under
review.

 

Raymond Bench, Chairman of CT Automotive, said:

"On behalf of the Board, I would like to thank Francesca for her excellent
contribution over the last three years since the Company joined AIM. She has
played an important role both when the business had to navigate considerable
change and in helping to move to the very strong position it is in today with
substantial growth opportunities ahead. We wish her well."

 

Enquiries:

 CT Automotive                                                       Via Novella

 Simon Phillips, Chief Executive Officer

 Salman Mohammed, 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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