Source - LSE Regulatory
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 31st 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
  (Public Relations advisor to Pod Point)

+44 207 353 4200

podpoint@teneo.com

 

  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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