Altech Batteries (ASX: ATC) has announced significant board and management changes following an approach from major shareholder Altech Advanced Materials AG.
The shareholder group, which holds a combined 28% interest with the Deutsche Balaton Group, indicated its intention to call a general meeting to replace and reduce the existing board.
Altech said it opted against contesting the proposal to avoid disruption, financial cost, and commercial uncertainty.
Operational Momentum
Altech’s decision not to mount a public defence was made to preserve shareholder value and maintain operational momentum while the company advances its battery-materials strategy.
As part of the transition, chair Daniel Tenardi, non-executive directors Tunku Yaacob Khyra and Peter Bailey, and chief executive officer / managing director Iggy Tan have all resigned effective immediately.
The company, which said the outgoing directors and management team would support a smooth handover to maintain continuity across all projects, has appointed Daniel Raihani as managing director and chief executive officer and Giuseppe (Joe) Graziano as chair.
Existing director Hansjoerg Plaggemars will remain on the board, while chief financial officer and company secretary Martin Stein will continue in his role.
Altech said the terms of Raihani’s contract are being finalised and will be announced once complete.
Strategic Priorities Unchanged
The new board confirmed that Altech will continue to advance its key technology platforms, including the Silumina Anodes silicon-enhanced anode material, the CERENERGY sodium solid-state battery system, and associated strategic partnerships.
Altech noted that these priorities reaffirm the direction set by the outgoing board and reflect a commitment to rapidly commercialising its next-generation battery innovations.
The company expressed its appreciation for the contributions of the outgoing directors, recognising their role in progressing the company’s technology and market position.
Altech conceded that leadership changes can create uncertainty and emphasised that clear and timely communication remains a priority.
Outgoing chief executive officer Iggy Tan thanked staff, partners, and shareholders for their support, saying the incoming leadership team was well placed to guide Altech into its next chapter.
