Carbon Revolution Announces Board Changes - Bob Lutz Appointed Chair of the Board

GEELONG, Australia, Feb. 21, 2024 (GLOBE NEWSWIRE) -- Carbon Revolution plc (Nasdaq: CREV)” (the “Company”), a Tier 1 OEM supplier and the leading global manufacturer of lightweight advanced technology automotive carbon fiber wheels, today announced Robert A. (Bob) Lutz will become Chair of the Board. Mr. Lutz has an extensive background in the automotive industry including as Vice Chairman of General Motors.

Mr. Lutz said “I am excited to become Chair of the Board of Carbon Revolution at this transformative time when the Company is disrupting the global automotive wheel market with its unique lightweight carbon fiber composite wheel technology. Carbon Revolution is the only company to produce and sell carbon fiber automotive wheels at scale.”

The appointment of Mr. Lutz as Chair follows the appointment in November 2023 (at the time of the Company’s listing on Nasdaq) of Mr. Lutz and three other US-based experienced automotive executives Jacqueline A. Dedo, Burt Jordan and Matti Masanovich to the Board. With the listing complete, James Douglas will step down as Chair and will retire from the Board. Lucia Cade and Mark Bernhard will also be retiring.

James Douglas said “I am incredibly proud of what we have achieved at Carbon Revolution over the past 12 years and my role in it. I am delighted that Bob has agreed to take on the role of Chair to lead our Company in the next stage of its development. His experience, networks and stature in the industry will be enormously valuable to the next stage of development of Carbon Revolution. I also want to thank Lucia Cade and Mark Bernhard for their partnership, hard work, and commitment.”

Mr. Lutz continued “With our recent Nasdaq listing and appointment of US directors, the Board is going through a natural evolution as we continue our capacity ramp in Australia and contemplate further global expansion.”

“I sincerely thank James Douglas, Lucia Cade and Mark Bernhard for their extraordinary and longstanding contributions to the Board. James Douglas has provided outstanding leadership as Chair for the past 12 years – seeing Carbon Revolution become a Nasdaq-listed advanced technology company with a growing customer suite of world-leading car brands. Lucia Cade has contributed enormously to creating a dynamic culture as Chair of the Remuneration and Nominating Committee as has Mark Bernhard, with his deep experience and networks in the automotive industry,” concluded Mr. Lutz.