Anil Srivastava, CEO, leaves Leclanché SA; Board of Directors Announces Management Succession and Reorganization

YVERDON-LES-BAINS, Swiss and ANDERSON, Ind., October 31, 2022 /PRNewswire/ — Leclanché SA (SIX: LECN), one of the world’s leading energy storage solutions companies, today provides an important business update.

Following the appointment of the new Board of Directors on 30^e September 2022, an internal management reorganization was initiated, in collaboration with Anil Srivastava, CEO of Leclanché SA. Against this backdrop, Anil Srivastava today announced that Leclanché’s new leadership structure has been successfully revamped and has decided to step down as CEO.

The development of the new strategy was made possible thanks to the continuous support of SEFAM¹largest shareholder of the company, by the recent injection of additional capital to finance the development of Leclanché, in particular to strengthen production at the Willstätt plant in order to cope with the increase in battery orders from an ever-increasing number of customers.

As of today, the Leclanché group will be led by White Stone as CEO of the group and by Phil Broad as CEO of Leclanché E-Mobility. They will simultaneously join the Executive Committee of Leclanché SA with the following roles and functions:

• White Stone: CEO of Leclanché SA and Chief Technology & Industrial Officer of Leclanché e-Mobility SA

• Phil Broad: CEO of Leclanché e-Mobility SA and Director of Sales and Development of Leclanché SA.

• Pascale Foglia: Chief Financial Officer of Leclanché SA.

White Stone joined Leclanché in March 2000 as a chemical engineer in its alkaline battery division where he was responsible for developing and manufacturing battery cells for major brands such as Varta, Energizer and Panasonic. Blanc was named chief technology officer in 2006, where he oversaw the R&D and industrialization of the company’s lithium-ion business. He led the introduction of new and unique production processes, particularly for the water-based manufacture of lithium-ion batteries, which are still used today. He is the inventor or co-inventor of numerous patents relating to lithium-ion batteries and their production methods. With over 20 years in the business and a long history in the battery industry, Blanc will bring deep technology and industry knowledge to help lead the company into its next phase of development.

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Philip (Phil) Broad joined Leclanché in 2018 and was appointed Executive Vice President of e-Mobility Solutions in March 2019. His previous role at Leclanché was Vice President of Applications Engineering, Program Management and Sales for Commercial Vehicles. Broad has over 25 years of experience in the utility vehicle industry, both on-road and off-road. It has a proven track record of winning major profitable global contracts in the commercial vehicle market and has worked successfully with global brands such as Caterpillar/Perkins, Volvo, Scania, MAN and JCB. Broad lived and worked in Europe for 18 years including 15 for Honeywell Turbo Technologies Sarl in Swiss, where he held various program management, sales management and commercial leadership positions in the turbocharger industry. Broad holds a B. Eng (Hons) in Systems Engineering.

Pascale Foglia, a Swiss and Italian citizen, has more than 25 years of international experience in the disciplines of financial director within the framework of public and private companies. He has worked for Procter & Gamble, Duracell (a Berkshire Hathaway company) and Unilabs, across a wide variety of roles locally, regionally and globally. Over the course of his career, he has led and executed strategic planning, cost optimization initiatives, business control and reporting across multiple countries, as well as deepening financial performance insights for commercial, operational and business teams. and the supply chain. During his last mission at Unilabs, he assisted the Swiss Medical Diagnostic group in finalizing the private equity exit process and upgrading their management information system. Foglia brings hands-on experience in executing complex finance transformation projects, leading and developing people, and enhancing insights from analytics platforms. Foglia holds a master’s degree in business and economics from the LUISS University of Rome and is fluent in English, French, Italian and has an advanced command of Spanish. Foglia joined Leclanché in August 2022 as senior vice president of finance and interim chief financial officer.

Commenting on his decision to withdraw, Anil Srivastava said: “It’s time for a change. When I decided to accept this position eight years ago, it was because of Leclanché’s notoriety and exceptional potential. Today, after all this time at Leclanché, I must say that I am proud of the work I have done with all the employees. As communicated during the General Assembly of 30^e September 2022, I hope all shareholders would be encouraged by the fact that the fair market value of Leclanché E-Mobility (a 100% affiliate of Leclanché SA), as analyzed by one of the big four companies, is significantly higher than the average market capitalization of Leclanché SA since 2020. I wish the Company every success in its profitable growth. I take this opportunity to thank all shareholders, customers, suppliers and colleagues for their trust and support.”

Alexandre RheaChairman of the Board of Directors of Leclanché SA, said: “With its top team, under the leadership of Anil, Leclanché has significantly expanded its client portfolio. I wish Anil every success in his new professional endeavours. Now is the time for Leclanché to unleash all of its stored value. We We are certain that this new management structure will inject a new dynamic into the company.”

Marc Lepiece, Member of the Board of Directors of Leclanché SA, said: “The reorganization of the Company’s management and the strengthening of the financing provided by SEFAM is part of the implementation strategy defined by the new Board.

White Stone and Phil Broadthe new CEOs, said: “We thank Anil for his vision, his leadership and his dynamism with which we have built the ‘New Leclanché’ together. We wish him good luck in his future projects. We also thank the Board of Directors for the confidence they have placed in us. grants. We believe this new leadership structure is welcomed by everyone in the business and will help make Leclanché an even stronger company going forward.”

For more information, write to [email protected] or visit www.leclanché.com

About Leclanché SA

Based at Swiss, Leclanché SA is a leading global provider of high-quality energy storage solutions designed to accelerate our progress towards a clean energy future. Leclanché’s history and heritage is rooted in over 100 years of battery and energy storage innovation. This, coupled with the culture of German engineering and Swiss precision and quality, continues to make Leclanché the partner of choice for disruptors, established businesses and governments who are at the forefront of change. positive in the way energy is produced, distributed and consumed around the world. The energy transition requires above all the development of the management of our electricity networks and the electrification of transport, these two end markets constituting the backbone of our strategy and our economic model. Leclanché is at the heart of the convergence of transport electrification and changes in the distribution network. Leclanché is organized into three business units: energy storage solutions, e-Mobility solutions and specialized battery systems. Leclanché is listed on the Swiss Stock Exchange (SIX: LECN).

SIX Swiss Exchange: stock symbol LECN | ISIN CH 011 030 311 9

Disclaimer

This press release contains certain forward-looking statements relating to Leclanché’s business, which may be identified by terms such as “strategic”, “proposed”, “to introduce”, “will”, “planned”, “expected”, ” commitment”, “anticipates”, “fixes”, “prepares”, “plans”, “estimates”, “aims”, “could”, “potential”, “pending”, “estimated”, “proposal”, or similar expressions, or by express or implied discussions regarding the ramp-up of Leclanché’s production capacity, potential applications for existing products, or regarding potential future revenues from such products, or potential future sales or profits of Leclanché or one of its business units. You should not place undue reliance on these statements. These forward-looking statements reflect Leclanché’s current beliefs regarding future events and involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from any future results, performance or achievements expressed or implied. -understood by these statements. There can be no guarantee that Leclanché’s products will achieve any particular revenue levels. Nor can there be any guarantee that Leclanché, or any of the business units, will achieve any particular financial results.

¹ SEFAM stands for: AM INVESTMENT SCA, SICAV-SIF – Illiquid Assets Sub-Fund and AM INVESTMENT SCA, SICAV-SIF – R&D Sub-Fund, together with STRATEGIC EQUITY FUND – Renewable Energy Sub-Fund, STRATEGIC EQUITY FUND – Multi Asset Strategy Sub -Fund, STRATEGIC EQUITY FUND – E Money Strategies Sub-Fund (also called Energy Storage Invest) and, all these funds being globally the main shareholder of Leclanché, hereinafter referred to as “SEFAM”.

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SOURCE Leclanché