Changes to the Board of Directors
August 9, 2022
CLEANTECH BUILDING MATERIALS PLC, NASDAQ FIRST NORTH GROWTH MARKET, COPENHAGEN
Cleantech Building Materials plc
CBM APPOINTS NEW CEO WITH BROAD EXPERIENCE TO LEAD JOINT VENTURES IN CHINA
CHANGES TO THE BOARD OF DIRECTORS
Cleantech Building Materials, the company building China’s first sustainable wood factory using Accoya® Technology, is pleased to announce the appointment of Colin McKendrick as Group Chief Executive (“CEO”) and to the Company’s Board of Directors with immediate effect.
Colin McKendrick is an international business leader with over 35 years of global experience with Shell, leading wholly-owned and joint-venture chemical businesses, including the construction, start-up and operation phases of new chemical production facilities in China, Asia and around the world. Having started his career at Shell Research in 1984, Colin then held various positions at Shell Chemicals, including as Director of Shell Chemicals Ltd, before leaving Shell at the end of 2020. Between 2014 and 2018, he served as Deputy Managing Director. of the US$10 billion Shell-CNOOC CSPC joint venture, one of the largest Sino-foreign joint ventures in China. During his long career, Colin has served as a Shell shareholder representative and board member of numerous joint ventures. He was posted to Beijing, Guangdong, Hong Kong and Singapore. Colin holds a PhD in Chemistry from the University of Edinburgh and an MBA from Durham University.
Colin’s appointment builds on CBM’s recent senior management appointments in February 2022, as the company progresses in its strategy to become a global producer of sustainable, high-performance building materials. The Group builds the first Accoya® Wood factory in China to support the country’s transition to a greener economy. It is expected that the first delivery of Accoya produced in China®will be available to regional wholesalers and wood product manufacturers in 2024. The plant will initially produce 40,000 m3 from Accoya® Wood, moving rapidly at 240,000 m3. The large area of land where the plant is being built is capable of supporting up to 480,000 m3 of annual production.
Accoya® Wood is a high-performance material used by architects and fabricators to replace endangered tropical hardwoods and carbon-intensive materials, such as steel, aluminum and specialty plastics. China and other Asian governments are increasingly demanding climate technology solutions, such as Accoya® Wood, for newly built cities and suburbs, as hundreds of millions of their citizens migrate from rural areas.
Accoya®Branded wood products – such as windows, doors, decking and siding – are widely accepted in European and American markets, as well as in China and Asia. The Group has already started receiving inquiries about Accoya produced in China®Wood from all over the world.
Other Board Changes
Following the appointment of Colin McKendrick as the new CEO of CBM, Jason Wang will step down from the company’s Board of Directors with immediate effect, and he will be fully dedicated as Managing Director of the Accoya Group.® joint venture in Nantong, China.
Separately, under new NASDAQ First North Growth Market rules that went into effect August 1, 2022, CBM is no longer permitted to have the CEO and CFO serve concurrently on the board. As a result, CBM’s Chief Financial Officer, Dwight Zou, will step down from the company’s Board of Directors effective immediately. Dwight will continue to act as CBM Group’s Chief Financial Officer, in addition to serving on the group’s joint venture management team in Nantong, China.
THE DIRECTORS OF CLEANTECH BUILDING MATERIALS PLC ACCEPT RESPONSIBILITY FOR THE CONTENT OF THIS ANNOUNCEMENT
Further information is available on the Company’s website at www.cbm-plc.com
|Cleantech Building Materials plc
+44 20 3934 6630
|IFC Advisory Limited (Financial PR)
|+44 20 3934 6630|
|Keswick Global AG (certified advisor)||[email protected]
+43 1 740 40 8045
The information disclosed in this press release is disclosed in accordance with Rule 4 of the Nasdaq First North Growth Market Rulebook