Shape Robotics conducts management reshuffle in line with new growth strategy

Shape Robotics performs a reshuffle at senior management level to support the projected roadmap for a turnover in 2027 of one billion DKK.

Company announcement no. 11 - 24
Copenhagen, March 25, 2024

The announcement contains inside information.

To optimize the synergy among executive roles, the current CEO of Shape Robotics, André Fehrn, has decided to transition the CEO position to the current Sales Director, Mark Abraham, while retaining the role of CFO within Shape Robotics, a position formerly held by André Fehrn. The revised distribution of roles ensures both continuity and the presence of the necessary core competencies for Shape Robotics' forthcoming expansion into the global market. The transition will take effect on May 1st, 2024.

The Danish Edtech company, Shape Robotics, has just presented a new four-year growth strategy and is embarking on a new chapter where sales functions and technological development take centre stage. Therefore, according to André Fehrn and Chairman Jeppe Frandsen, now is the appropriate moment to allow Shape Robotics' current Sales Director, Mark Abraham, to further lead the company and have André Fehrn assume the role of CFO and Investor Relations Officer. According to Chairman Jeppe Frandsen, Mark Abraham's extensive technological and sales skills will aid in driving Shape Robotics forward towards gaining foothold in new markets, creating a stronger global presence and to develop future EdTech solutions in close collaboration with Shape Robotics' constantly growing international network of partners and distributors.

"For the past two years, André Fehrn has been a guarantor of the company's many financial milestones, including a successful uplisting to the main market, strategic acquisitions, two oversubscribed emission rounds, and, last but not least, profitable operations. We owe him many thanks for his efforts. André Fehrn has an auditor's blood running through his veins and he will now have the necessary time to further devote himself to the position of the company's CFO, including responsibility for Investor Relations, a title he earlier held resulting in insubstantial value creation for our company from 2017 to 2022. The entire board will sleep soundly at night knowing that André is our treasurer," says Jeppe Frandsen, Chairman of Shape Robotics.

Self-initiated role change for André Fehrn enjoys strong support

To ensure the execution of the 2027 strategy, André Fehrn has had the managerial initiative of proposing the upcoming executive leadership reshuffle himself, and he continues to enjoy the full confidence and trust of both the board and the company staff.

"Leading the company through a turbulent and exciting time has been an honourable experience. From coordinating the first exploratory forays into other markets to achieving robust growth as a company, I, alongside our talented team, have shaped a visionary course of action for the company going forward. Now, as the company stands on solid ground and the next phase of expansion and innovation awaits, I can confidently pass the torch on to a skilled overseer of everything we have accomplished together up to this point. Our leadership team remains intact, just with a minor reshuffle, allowing each of us can work on what we are best at and create the most value for the company, "says André Fehrn.

New CEO Mark Abraham to ensure continued commercial success

The incoming CEO of Shape Robotics, Mark Abraham, has set the company's commercial course over the past two years, not only in Romania but also in other Eastern European countries.

Focused on building strategic partnerships and fostering vital relationships with key players in the Edtech industry, Mark Abraham has led the expansion of Shape Robotics' sales teams. In addition, his collaboration with the founder and CTO, Moises Pacheco, has been crucial in advancing the company's innovative products, including the Fable educational robot and the new flagship product, the Thinken Mobile SteamLab.

"Over the past two years, Shape Robotics has established a strong market position in Romania. Our success in Romania serves as a template for our expansion to other promising Eastern European countries and overseas markets, including the United Arab Emirates. We are committed to replicating our proven strategies and leveraging our strong partnerships to expand our global reach. As we embark on this journey, our focus on research and innovation to meet consumer segments remains paramount, and, in the years to come, we are ready to elevate our global relevance and meet the growing demand for quality education worldwide. I am honoured to assume the role of CEO from André Fehrn and further continue our international scaling alongside our talented team. My commitment to our commercial efforts remains unwavering, and I will continue to closely collaborate with André Fehrn and draw on his unique financial expertise and insights, which shall remain essential for the company going forward. With a clear distribution of roles and unwavering support from our management team, I am fully confident in our collective ability to effectively implement our new growth strategy," says Mark Abraham.

Shape Robotics' new four-year growth strategy includes a focus on sales functions and technological innovation, including corporate overhauls of all subsidiaries. Each market will have a national country manager integrated into the organisational structure as the main person responsible for overseeing local objectives and aligning them with the parent company's overall strategy.

Current Sales Director, Mark Abraham, will as of 1. May 2024 henceforth assume the role of CEO with the aim of leading Shape Robotics' entry into new markets and ensuring innovation within the Edtech landscape together with the company's international network of partners and distributors.

Additional information

Jeppe Frandsen, Chairman
Tlf.: [phone]
Email: [e-mail]
CVR-nr. 38322656
www.shaperobotics.com

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