CT Automotive Group plc announced the following changes to Board roles, which take effect from 13 July 2023: 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. In addition, with effect from 13 July 2023, 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.