CT Automotive Group PLC Board Change (4535J)
13 December 2022 - 6:00PM
UK Regulatory
TIDMCTA
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 via MHP
Simon Phillips, Executive Chairman
Scott McKenzie, Chief Executive
Officer
David Wilkinson, Chief Financial
Officer
MHP (Financial PR) Tel: +44 (0)20 3100 8540
Tim Rowntree CTAutomotive@mhpgroup.com
Charlie Baker
Liberum (Nominated Adviser and Tel: +44 (0)20 3100 2000
Broker)
Richard Lindley
Benjamin Cryer
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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END
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