Board Change

RNS Number : 4535J

CT Automotive Group PLC

13 December 2022

 

13 December 2022

CT AUTOMOTIVE GROUP PLC

("CT Automotive" or the "Company")

BOARD CHANGE

CT Automotive, a leading designer, developer and supplier of interior components to the global automotive industry, announces that David Wilkinson has notified the Board of his decision to step down as Chief Financial Officer of the Company for personal reasons.

It is intended that he will leave the Company on 30 April 2023. This will enable David to manage the Company's year-end financial results and to make an orderly handover to his successor.

The Board has commenced a process to search for an external candidate to succeed David.

Simon Phillips, Executive Chairman, commented:

"I would like to thank David for his support and considerable contribution to the development of CT Automotive over the past 11 years. All of my Board colleagues and I wish him all the best for the future."

David Wilkinson, Chief Financial Officer, said:

"It has been a privilege to be part of such an exciting business and to see the extraordinary development of CT Automotive."

For further information please contact:

CT Automotive Simon Phillips, Executive Chairman  Scott McKenzie, Chief Executive Officer  David Wilkinson, Chief Financial Officer	via MHP
MHP (Financial PR)  Tim Rowntree Charlie Baker	Tel: [phone] [e-mail]
Liberum (Nominated Adviser and Broker) Richard Lindley Benjamin Cryer	Tel: [phone]

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 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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