CT Automotive Group plc (LON:CTA), a leading designer, developer and supplier of interior components to the global automotive industry, has announced the following Board changes.
Changes to Board roles
As the business positions for growth and strengthens its governance, there are a number of changes to Board roles, which take effect from today:
· Simon Phillips will move from his current role as Executive Chairman, to become Chief Executive Officer;
· Raymond Bench, currently Independent Non-Executive Director, will be appointed as Non-Executive Chairman;
· Scott McKenzie, currently Chief Executive Officer, will step down from the Board to a new role as Chief Operating Officer, Sales and Product Development; and
· Francesca Ecsery, currently an Independent Non-Executive Director, will be appointed as Senior Independent Non-Executive Director.
The process to identify and appoint a new Independent Non-Executive Director and Chair of the Audit and Risk Committee is ongoing.
Appointment of shareholder representative as Non-Executive Director
In addition, with effect from today, Nick Timberlake will join the Board as a Non-Executive Director and appointee of Otus Capital Management Limited, which currently owns 18.9% of the issued share capital of CT Automotive.
Nick is a director of India Capital Growth Fund and has over thirty years’ experience in the asset management industry, including as a portfolio manager with HSBC Global Asset Management between 2005 and 2020, initially as Global Head of Emerging Markets Equities and then Head of Equities. Previously, he was a Director of F&C Emerging Markets Limited and has spent over 20 years investing in global emerging markets equities. Nick is a member of the CFA Institute and CFA Society of the UK.
The following information is disclosed pursuant to Rule 17 and Schedule 2(g) of the AIM Rules for Companies.
The names of all companies and partnerships of which Nicholas (“Nick”) Richard William Timberlake, aged 55, is, or has been a director or partner at any time in the previous five years are set out below:
| Current directorships or partnerships | Previous directorships or partnerships (in the last five years) |
| 49 Monument Street Management Limited | None |
| Lower Street Investments Limited | |
| Lower Street Residential Limited | |
| Panorama Property Developments Limited | |
| JP Property Holdings Limited | |
| Panorama Property Investments LLP | |
| India Capital Growth Fund Limited |
Nick Timberlake owns 20,000 ordinary shares in the Company. Save as set out in this announcement, there are no further details to be disclosed under Rule 17 or Schedule 2(g) of the AIM Rules for Companies.
Simon Phillips, Chief Executive Officer of CT Automotive, said:
“I am delighted to welcome Nick Timberlake to the Board and look forward to working with him as we implement our strategy for improved efficiency and growth. The changes to Board roles announced today ensure that we have the right people in place to execute this strategy, including the recent appointment of Anna Brown as CFO and Scott McKenzie taking up a new role focused on sales and product delivery.”
