Li-Cycle Holdings Corp. provided a business update regarding its organizational structure. As part of its previously disclosed ongoing comprehensive review and Cash Preservation Plan, which includes organizational right-sizing and right-shaping, the Company has made the strategic decision to transition from its regional management structure to a centralized model to better position the company for future success and increase efficiencies.

To ensure the appropriate management organizational structure, the Company made the following leadership changes, effectively immediately: Tim Johnston, Executive Chair, will transition to the role of interim non-executive Board Chair, where he will provide leadership, support, guidance and strategic advice to the company. Considering Glencore?s nomination rights associated with the recently closed strategic financing, the Nominating and Corporate Governance Committee of the Board will be considering changes to Company?s Board and Committee composition, expected to be made immediately following the company?s next annual general meeting in May 2024. It is expected that these changes will include identifying an independent Board Chair.

Conor Spollen, who has been with Li-Cycle since January 2022, has assumed the role of Chief Operating Officer (COO). In this role, Mr. Spollen will be responsible for Li-Cycle?s global Spoke operations driving safety, productivity, and cost-efficiency. In addition to overseeing Spoke operations, following the completion of the technical and economic review of the Rochester Hub project, he will be responsible for project delivery and the planned operation of the Rochester Hub.

Mr. Spollen has more than 33 years of international mining and metallurgical experience, serving in leadership roles in a number of global companies, including at Vale, where he was, among other roles, Chief Operating Officer for Vale Base Metals? operating mines and processing facilities in Canada, UK, China and Japan. Dawei Li, who has been with Li-Cycle since July 2021, has assumed the new role of Chief Commercial Officer (CCO).

In his new role, Mr. Li will lead Li-Cycle?s global commercial function and consolidate the global team?s strategy and approach to continue building strong partnerships with key battery market players. He previously led Li-Cycle?s Asia-Pacific region and brings 20 years of experience in strategy and business development and leading growth in untapped markets to drive robust performance. Previous to Li-Cycle, Mr. Li served as Global Business Director for lithium carbonate at Albemarle Corporation.

With the change to a centralized organization model, Richard Storrie will cease serving as the company?s Regional President, Europe, Middle East and Africa (EMEA) to pursue other opportunities. Mr. Storrie has provided strong leadership for the Company in both the EMEA and North America regions and has made significant contributions to Li-Cycle?s operations, commercial activities, and execution of its growth strategy. He will continue in an advisory role until May 31, 2024, to support the transition.