TIDMSED

RNS Number : 5746W

Saietta Group PLC

18 April 2023

Tuesday 18 April 2023

Saietta Group Plc

("Saietta", the "Company" or the "Group")

Directorate Change

Saietta Group Plc (AIM: SED), the AIM-listed multi-national business which designs, engineers and manufactures complete Light-duty and Heavy-duty eDrive systems for electric vehicles, announces that further to the announcement of 7 March 2023, Wicher Kist, CEO, has resigned from the board and will take up a short-term position at the Company's subsidiary, Propel B.V. as its Chief Executive.

As part of a planned succession process, Executive Chairman, Tony Gott will additionally assume the position of Interim CEO, to oversee the recruitment of a suitable replacement CEO and to ensure the short-term objectives of the Company, as set out in the trading update on 7 March, are achieved. The Company's Remuneration Committee is putting in place an incentive policy that is tied to the deliverables of the business.

David Wilkinson, Saietta's Non-Executive Deputy Chair, commented:

"We are delighted that Tony has committed to navigate Saietta through the next period of its growth story."

Tony Gott, Saietta's Executive Chair and Interim CEO, commented:

"We thank Wicher for his tireless work over the last 5 years, especially during the successful listing of Saietta on AIM. We are very pleased that his vision and drive will now be focused on realising the value potential of our marine division Propel B.V."

Ends

For any further enquiries, please contact:

 
 Saietta Group                                                       via FTI 
  Anthony (Tony) Gott, Executive Chairman 
  & Interim CEO 
  Steven Harrison, Chief Financial Officer 
 Canaccord Genuity (Nomad and Broker) 
  Henry Fitzgerald-O'Connor / Patrick Dolaghan                 0207 523 8000 
 FTI Consulting (Financial PR advisor)                  Tel: +44 (0) 20 3727 
  Ben Brewerton / Dhruv Soni                                            1000 
                                                   saietta@fticonsulting.com

About Saietta

Listed on the London Stock Exchange's AIM, Saietta is a multi-national business which designs, engineers and manufactures complete electric drive (eDrive) solutions for use in lightweight vehicles including scooters, motorbikes, rickshaws and urban delivery vehicles.

Saietta's breakthrough electric motor technologies include proprietary AFT (Axial Flux Technology) and RFT (Radial Flux Technology) which can be combined with in-house power electronics, powertrain controls, mechanical axles, and transmissions.

Developing tailored electric powertrain solutions to deliver competitive advantage, Saietta's turnkey engineering services are designed to fast-track electric vehicle development from concept to start of production. For more information, visit https://www.saietta.com/

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END

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April 18, 2023 04:00 ET (08:00 GMT)

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