Amsterdam 19 March 2024. Cabka N.V. (together with its subsidiaries "Cabka", or the "Company"), a company specialized in transforming hard to recycle plastic waste into innovative Reusable Transport Packaging (RTP), listed at Euronext Amsterdam, announces its CEO Tim Litjens decided to step down as Chief Executive Officer towards the end of the third quarter 2024.
Tim Litjens has announced his decision to step down as Chief Executive Officer (CEO) of Cabka N.V. and to leave Cabka by the end of the third quarter 2024.
The company will initiate a search for a successor. Cabka's strategic goals remain unchanged, and it is on target to deliver on its commitments. The executive committee, together with Tim, will continue to execute the company's strategy and ensure an orderly transition.
During Tims' 8-year tenure, Cabka has successfully transformed to a listed international company. He led the establishment of the Innovation Centre in Spain, where Cabka integrates its unique expertise in material engineering, process development and product design. Tim recognized the increasing customer demand for sustainable transportation packaging, successfully translating these into new generations of circular RTP products leveraging Cabka's unique manufacturing capabilities.
Tim Litjens, CEO commented: "After careful consideration I have taken the decision to step down as the CEO of Cabka towards the end of the third quarter 2024 to pursue the next step in my career. It's been a pleasure and privilege leading Cabka over the past eight years, transforming the company to a true leader in circularity. An accomplishment that wouldn't have been possible without the relentless dedication and passion of all Cabka employees. We now have the team in place to successfully execute the next steps of our growth strategy.
I will work closely with my team and the supervisory board to facilitate a seamless transition process in the months to come. Leaves me to express my gratitude to the entire company and its investors for their support during my tenure."
Niek Hoek, chairman of the supervisory board commented: "We understand Tim's decision to step down as CEO of Cabka by the end of the third quarter. We are grateful for Tim's leadership and his contributions to Cabka. He has been instrumental in the transition of Cabka towards a professional and innovative market leader in sustainable RTP. We expect to announce a suitable successor in due course."
For more information, please contact:
Nadia Lubbe, Investor & Press contact
IR@cabka.com, or n.lubbe@cabka.com;
+49 152 243 254 79
www.investors.cabka.com
About Cabka
Cabka is in the business of recycling plastics from post-consumer and post-industrial waste into innovative reusable transport packaging (RTP), like pallets- and large container solutions enhancing logistics chain sustainability. ECO products are mainly construction and road safety products produced exclusively out of post-consumer waste.
Cabka is leading the industry in its integrated approach closing the loop from waste, to recycling, to manufacturing. Backed by its own innovation center it has the rare industry knowledge, capability, and capacity of making maximum use bringing recycled plastics back in the production loop at attractive returns. Cabka is fully equipped to exploit the full value chain from waste to end-products.
Cabka is listed at Euronext Amsterdam as of 1 March 2022 under the CABKA ticker with international securities identification number NL00150000S7.
Disclaimer
The content of this press release may include statements that are, or may be deemed to be, ''forward-looking statements''. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms ''believes'', ''estimates'', ''plans'', ''projects'', ''anticipates'', ''expects'', ''intends'', ''may'', ''will'' or ''should'' or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company's business, results of operations, financial position, liquidity, prospects, growth, or strategies.
Readers are cautioned that any forward-looking statements are not guarantees of future performance. Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this press release. The Company undertakes no obligation to publicly update or revise the information in this press release, including any forward-looking statements, except as may be required by law.
This document contains information that qualifies as inside information within the meaning of Article 7(1) of Regulation (EU) No 596/2014 on market abuse.
