Altech Batteries Ltd (ASX:ATC, OTC:ALTHF) is refreshing its board and senior management after major shareholder Altech Advanced Materials AG — which, along with Deutsche Balaton Group, controls 28% of the company — signalled it planned to call a section 249D shareholder meeting to replace and reduce the current board.
Rather than contest a potentially disruptive and costly public battle, the majority of the current board resolved to facilitate “a smooth, orderly, and responsible transition” in what it described as the most prudent course to preserve shareholder value and maintain operational stability.
As part of this transition, chairman Daniel Tenardi, non-executive directors Tunku Yaacob Khyra and Peter Bailey, and chief executive officer and managing director Iggy Tan have all tendered their resignations with immediate effect. The remaining director, Hansjoerg Plaggemars, stays on the board as a non-executive director, while Martin Stein will continue in his role as CFO and company secretary, providing continuity through the changeover.
In his formal statement, outgoing CEO and managing director Iggy Tan said: “I extend my sincere thanks to all staff for their outstanding dedication, commitment, and loyalty, and to their families for their unwavering support. I also acknowledge our partners and contractors, whose expertise has been vital across our many projects, and thank our directors for their service and stewardship.
“Finally, to our shareholders — thank you for your support, belief, and enthusiasm. The Altech team remains driven by a shared commitment to making a meaningful difference in the world of next-generation battery technology. As we transition to new leadership, we warmly wish the incoming board and management team every success in guiding the company into its next chapter”.
New leadership team installed
The company has moved quickly to install a new leadership team. Daniel Raihani has been appointed managing director and chief executive officer (with his contract terms still being finalised), and Giuseppe (Joe) Graziano has been named the new chairman of the board.
The incoming board has signalled that Altech’s strategic focus will remain on the Silumina Anodes™ battery materials business and the CERENERGY® sodium solid-state battery systems, and on securing strategic partners to bring these technologies to market.
While noting disappointment at the turn of events, the outgoing directors have committed to cooperating fully with the new board, preparing handover documentation and working to ensure that key projects and operations continue without disruption.