LONDON, UK: DG Innovate Plc (LSE: DGI), the advanced research and development company pioneering sustainable and environmentally considerate improvements to electric mobility and storage, announced the appointment of Peter Tierney as the Company’s new Chief Executive Officer, effective from 1 July 2022.
Peter Tierney is an experienced Chief Executive with over 30 years’ experience in operating and developing growth orientated service and manufacturing businesses.
He was until recently Chairman and Chief Executive officer of Lewmar Marine Limited, a private equity backed international marine manufacturing and distribution business.
Peter was initially appointed to lead the turnaround of Lewmar Marine in 2008, quickly returning the business to profit and implementing a successful growth strategy that led to sales doubling, before the business was sold to a US trade buyer in 2019, generating a significant return for its private equity backers.
Prior to joining Lewmar Marine, Peter was Chief Executive Officer of Vector Aerospace, based in Canada, an aerospace maintenance and operating business, between 2003 and 2008. He has also held senior roles at a number of other engineering businesses in the UK and North America and has a degree in mechanical engineering, together with a master’s degree in business.
Upon Peter Tierney’s appointment on 1 July 2022, Christopher Theis, the Company’s current Chief Executive Officer, will assume the role of Executive Chairman for a period of four months to ensure an orderly hand over of responsibilities to Peter, before he takes the role of Non-Executive Chairman of the Company from 1 November 2022.
Nicholas (Nick) Tulloch, currently Non-Executive Chairman, will leave the Company on 30 June 2022 to focus on his other business interests. The Board would like to thank Nick for his contribution to the Company, and for his help and guidance, particularly in relation to the acquisition of Deregallera Holdings Limited (formally named DG Innovate Limited) and the re-admission of the Company’s shares to trading on the London Stock Exchange.
Commenting, Christopher Theis, CEO of DG Innovate, said: “We are very pleased that Peter will be joining the Company as its new Chief Executive on 1 July. Peter brings a wealth of operational experience and sector knowledge to DG Innovate that will be invaluable as we seek to commercialise our suite of electric mobility and storage technologies. We believe Peter is the right person to lead DG Innovate into the next stage of its journey and beyond, and we look forward to working with him.
“I would also like to take this opportunity to thank Nick, who will be stepping down as Chairman, for his wise counsel, support and dedication over a long period as we successfully concluded our recent transaction that we believe can deliver significant value for shareholders.”
It has been agreed by the Company and Mr Tierney, at his election and request, that for the months of July, August and September 2022 (3 months) his monthly salary value, shall be paid to him in the equivalent value of shares in the Company, based on the closing offer price of the Company’s shares, as quoted on the London Stock Exchange, as calculated by the Company, on the last business day of each relevant month.
The relevant number of DG Innovate shares shall be transferred or issued to him as soon as practicable thereafter and shall be subject to announcement on each occasion on a Regulatory Information Service of the London Stock Exchange. For the avoidance of doubt, this means that Mr Tierney shall not receive any cash payment of salary in this period. He shall start to receive salary payments in cash for the month of October 2022 onwards. This shall be subject to all relevant tax and other deductions.