TIDMPODP
RNS Number : 1167F
Pod Point Group Holdings PLC
06 July 2023
6 July 2023
Pod Point Group Holdings PLC
("Pod Point" or "the Company")
Directorate Change
Pod Point, one of the UK's market leading providers of Electric
Vehicle ("EV") charging solutions, announces that Erik Fairbairn is
to step down as Chief Executive Officer ("CEO") with immediate
effect to allow for new leadership as the Company navigates the
growing market for EVs in 2023 and beyond.
Andy Palmer, Senior Independent Director of Pod Point, has been
appointed interim CEO to enhance operational performance and
deliver sustained shareholder value for the group. Andy, who joined
the Pod Point board prior to its 2021 IPO, is one of the automotive
industry's most experienced executives, whose previous roles
include Chief Operating Officer of Nissan and CEO of Aston Martin
Lagonda.
Pod Point announces that Karen Myers will succeed Andy as Senior
Independent Director on an interim basis. Erik will be available to
the Board and the interim CEO to the end of his contractual
term.
Gareth Davis, Pod Point Chair, said: "Since our stock market
listing, Pod Point has navigated challenging industry headwinds.
Given these challenges, the Board feels that new leadership is
required to execute the existing strategy and to take advantage of
future growth opportunities. Andy has agreed to serve as interim
CEO as we seek a permanent successor to Erik, whom we thank for his
commitment to the success of the Company."
The Board is confident that Andy's combination of proven
industry experience and deep knowledge of vehicle electrification
will enable Pod Point to realise its full potential. He will build
on the pioneering spirit of Erik, who founded the Company and who
foresaw future demand for charging solutions.
Andy Palmer added: "As someone who pioneered the world's first
mass-market electric vehicle, the Nissan LEAF, I am aware of the
growing infrastructure requirements as the market transitions to
zero-emission cars. This transition creates significant
opportunities for Pod Point in both commercial and domestic demand
for charging points and related recurring revenue through, for
example, grid load management. I look forward to working more
closely with the highly skilled and entrepreneurial team at Pod
Point to convert these opportunities into top-line revenues and
improving profitability."
Erik Fairbairn added: "Pod Point was founded with the mission to
ensure travel does not damage the earth. Over the past 15 years, we
have made significant progress towards this mission, and I am sure
the Company is well placed to continue this journey. It has been a
privilege to lead the Pod Point team, and I want to thank each and
every one of them for their contributions. I now hand over the
reins of Pod Point to Andy, and I wish him and the team every
success in the future. I am immensely proud of the Company that I
founded and built.
Pod Point will announce first half results on 31(st) July 2023,
when Andy will outline actions to address challenging current
market conditions and position Pod Point for long term
profitability.
This announcement is made pursuant to LR 9.6.11 of the Listing
Rules. Pod Point confirms there is no further information to be
disclosed under the requirements of LR 9.6.13 of the Listing Rules
in relation to Andy Palmer's appointment.
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014.
The person responsible for arranging the release of this
announcement on behalf of Pod Point is Anita Guernari, Company
Secretary.
Enquiries
Teneo +44 207 353 4200
(Public Relations advisor to podpoint@teneo.com
Pod Point)
Mark Burgess, Matt Low, Arthur
Rogers
About Pod Point
Pod Point was founded in 2009 driven by a belief that travel
shouldn't damage the earth, Pod Point has shipped more than 195,000
charge points* in the UK and is an official charge point supplier
for major car brands. Pod Point's solutions include everything from
smart domestic charge points to 150kW high power rapid chargers and
load balancing systems. Along with consumers, it works with a broad
range of organisations to offer workplace, residential and
commercial charging solutions. Its customers include major
retailers, hotels, restaurants and transport hubs.
Pod Point's extensive public network connects EV drivers with
8,200+ charging bays** at locations including Tesco and Lidl.
Through its network of home, workplace and public charging points,
Pod Point has powered over 592 million miles of electric driving*.
Pod Point is listed on the London Stock Exchange under the ticker
symbol "PODP."
*As of 17th February 2023
**As of 31st December 2022
About Andy Palmer
Andy has more than 40 years of experience in the automotive
industry. He joined the Board of Pod Point prior to the acquisition
of a majority stake in the Company in February 2020. Andy served as
President and Chief Executive of Aston Martin Lagonda Global
Holdings plc from 2014 to 2020. He joined Aston Martin Lagonda from
Nissan Motor Corporation, where he held a succession of positions,
including Program Director for Light Commercial Vehicles, Senior
Vice-President, and Executive Vice-President before being appointed
Chief Operating Officer in 2013. From mid-2020 until the end of
2022, Andy served as Executive Vice Chair & CEO of Switch
Mobility Ltd, & Chair of Optare plc.
Andy holds a Master of Science from the University of Warwick
and a PhD in Engineering Management from Cranfield University. He
is a Fellow of the Royal Academy of Engineering, a Fellow of the
Institution of Mechanical Engineers and a Companion of the
Chartered Management Institute. He was honoured in 2014 with a
Companion of the most distinguished order of Saint Michael and
Saint George for contribution to the British Automotive
Industry.
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END
BOAUPURWMUPWGRA
(END) Dow Jones Newswires
July 06, 2023 02:00 ET (06:00 GMT)
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