Directorate Change

CT Automotive Group PLC

26 June 2024

 

CT Automotive Group PLC

("CT Automotive" or the "Group")

Directorate Change

CT Automotive, a leading designer, developer and supplier of interior components to the global automotive industry, today announces that Anna Brown has tendered her resignation as CFO of the Group.

Anna will remain the Group CFO and Board member until 24 December 2024 and, alongside Salman Mohammed, Group Finance Director, will continue to be focused on running the Group's finance function, including the publication of the 2024 interim results in September. Anna is leaving the Company in order to pursue career opportunities beyond CT Automotive.

A search process to select Anna's successor will commence immediately.

Simon Phillips, Chief Executive Office, said, "On behalf of all the Board I would like to thank Anna for all her hard work and her considerable contribution to the Group's turnaround. I know she will make sure the transition process for her successor is smoothly executed and we all wish her good fortune for the future."

Enquiries:

CT Automotive Simon Phillips, Chief Executive Officer Anna Brown, Chief Financial Officer	Via Novella
Liberum (Nominated Adviser and Broker) Richard Lindley	Tel: [phone]
Novella Communications (Financial Public Relations) Tim Robertson, Claire de Groot, Safia Colebrook	Tel : [phone] [e-mail]

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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