05 November 2024
CT Automotive Group PLC
("CT Automotive" or
the "Group")
Non- Executive Directorate Change
CT Automotive, a leading designer, developer
and supplier of interior components to the global automotive
industry, announces that Francesca Ecsery has informed the Board
she wishes to step down from her role as Non-Executive Director, to
provide more time for her multiple board and committee roles.
Francesca will remain on the Board until 31 December 2024, having
successfully completed a 3 year term.
Francesca's position as Chair of the
Remuneration Committee will be taken up by Raymond Bench from 1
January 2025. The Company is not intending to seek an immediate
replacement but will instead keep the composition of the Board
under review.
Raymond Bench,
Chairman of CT Automotive, said:
"On behalf of
the Board, I would like to thank Francesca for her excellent
contribution over the last three years since the Company joined
AIM. She has played an important role both when the business had to
navigate considerable change and in helping to move to the very
strong position it is in today with substantial growth
opportunities ahead. We wish her well."
Enquiries:
|
CT
Automotive
Simon Phillips, Chief Executive
Officer
Salman Mohammed, Chief Financial
Officer
|
Via
Novella
|
|
Singer Capital
Markets Advisory LLP (Nominated Adviser and Broker)
Steve Pearce, Alex Bond, James Todd
|
Tel: +44 (0)20 7496
3000
|
|
Novella
Communications (Financial Public Relations)
Tim Robertson, Claire de Groot, Safia
Colebrook
|
Tel : +44 (0)20 3151
7008
ctautomotive@novella-comms.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
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.