TIDMCTA
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 None
Limited
--------------------------------------
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 Tel: +44 (0)20 3100 2000
Broker)
Richard Lindley
Benjamin Cryer
MHP (Financial PR) Tel: +44 (0)78 3462 3818
Tim Rowntree
Charlie Baker
Veronica Farah
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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END
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