Cleantech Building Materials: Changes To The Board Of Directors

CLEANTECH BUILDING MATERIALS PLC, NASDAQ FIRST NORTH GROWTH MARKET, COPENHAGEN

TICKER: CBM

Cleantech Building Materials plc

CBM APPOINTS NEW CEO WITH EXTENSIVE EXPERIENCE LEADING JOINT VENTURE BUSINESSES IN CHINA 

CHANGES TO THE BOARD OF DIRECTORS

Cleantech Building Materials, the company building the first sustainable wood factory in China using the Accoya^® technology, is pleased to announce the appointment of Colin McKendrick as Group Chief Executive Officer (“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, heading wholly owned and joint venture chemicals businesses, including the construction, start-up, and operational phases of new chemical production facilities in China, Asia and globally. Having started his career at Shell Research in 1984, Colin has subsequently fulfilled a variety of roles at Shell Chemicals, including as a director of Shell Chemicals Ltd, before leaving Shell at the end of 2020. Between 2014 and 2018, he was deputy-CEO of the US$10bn Shell-CNOOC CSPC joint venture, one of the largest Sino-foreign joint ventures in China. During his lengthy career, Colin has served as Shell’s shareholder representative and board member on numerous joint ventures. He has been posted in Beijing, Guangdong, Hong Kong, and Singapore. Colin has a PhD in chemistry from Edinburgh University and an MBA from Durham University.

Colin’s appointment builds on CBM’s recent appointments of senior executives in February 2022, as the Company progresses its strategy to become a global producer of high-performance, sustainable building materials. The Group is constructing the first Accoya^® Wood factory in China to support the country’s transition to a greener economy. It is expected that the first supply of China-produced Accoya^®will be available for regional wholesalers and manufacturers of wood products in 2024. The factory will initially produce 40,000 m³ of Accoya^® Wood, moving swiftly to 240,000 m³. The large area of land where the factory is being built is capable of supporting up to 480,000 m³ of annual production.

Accoya^® Wood is a high-performance material that is used by architects and manufacturers to replace endangered tropical hardwoods and carbon-intensive materials – like steel, aluminum and specialty plastics. China and other Asian governments are increasingly requiring climate-tech solutions, such as Accoya^® Wood, for newly built cities and suburbs, as hundreds of millions of their citizens migrate from rural areas.

Accoya^®-branded wooden products – such as windows, doors, decking and siding – are enjoying widespread acceptance in the European and US markets, as well as in China and Asia. The Group has already begun to receive enquiries for China-produced Accoya^®Wood from around the world.

Other Board Changes

Following the appointment of Colin McKendrick as CBM’s new CEO, Jason Wang will step down from the Company’s board of directors with immediate effect, and he will fully dedicate himself as General Manager of the Group’s Accoya^® joint venture in Nantong, China. 

Separately, under new NASDAQ First North Growth Market rules that came into effect on 1 August 2022, CBM is no longer permitted to have both the CEO and CFO serve simultaneously on the board. Accordingly, CBM’s CFO, Dwight Zou, will step down from the Company’s board of directors with immediate effect. Dwight will continue to act as the CBM Group CFO, in addition to forming part of the Group’s joint venture management team in Nantong, China.

THE DIRECTORS OF CLEANTECH BUILDING MATERIALS PLC ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT 

Further information may be found at the Company's website at 

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The information communicated in this announcement is disclosed in compliance with Rule 4 of the Nasdaq First North Growth Market Rulebook