Altech Batteries Limited has undergone a significant board and management reshuffle following a shareholder-led challenge, appointing new leadership while reaffirming its strategic focus on advanced battery technologies.
- Shareholder approach triggers board replacement and reduction
- Outgoing CEO and three directors resign immediately
- Daniel Raihani appointed as new Managing Director and CEO
- New board commits to advancing Silumina Anodes and CERENERGY battery projects
- Focus on smooth transition to maintain operational stability and shareholder value
Boardroom Shakeup at Altech Batteries
Altech Batteries Limited (ASX – ATC) has announced a major leadership transition following a strategic move by significant shareholders, including Altech Advanced Materials AG and the Deutsche Balaton Group, who together hold 28% of the company. The shareholders initiated a formal process to replace and reduce the current board, prompting a swift response from the existing directors.
Despite initially considering a defensive stance, the incumbent board ultimately chose to facilitate a smooth and orderly transition to avoid prolonged disruption and financial cost. This decision led to the immediate resignation of Chairman Daniel Tenardi, Non-Executive Directors Tunku Yaacob Khyra and Peter Bailey, as well as CEO and Managing Director Iggy Tan. Hansjoerg Plaggemars remains as a Non-Executive Director, while Martin Stein continues as CFO and Company Secretary.
New Leadership and Strategic Continuity
Stepping into the leadership void, Daniel Raihani has been appointed as the new Managing Director and CEO, with Giuseppe (Joe) Graziano taking on the role of Chairman. While the terms of Raihani’s contract are still being finalized, the new board has clearly signaled its intention to maintain the company’s strategic trajectory.
Altech’s focus remains firmly on commercialising its breakthrough Silumina Anodes™ technology, which enhances lithium-ion battery performance through silicon integration, and the CERENERGY sodium-solid-state battery systems, which offer a fireproof, cobalt- and lithium-free alternative for grid and industrial applications. The new leadership emphasizes the importance of securing strategic partnerships to accelerate market entry for these technologies.
Navigating Transition with Stability
The outgoing leadership expressed disappointment at the circumstances but underscored their commitment to ensuring operational continuity. They pledged full cooperation with the incoming team, including comprehensive handover documentation and support to safeguard ongoing projects.
This transition comes at a critical juncture as Altech advances its joint ventures and feasibility studies, including the construction of production facilities in Germany and collaborations with industry partners such as Fraunhofer IKTS, AMPower, and Ferroglobe. The company’s proprietary technologies have attracted attention for their potential to reshape battery materials and energy storage markets.
Altech has also reaffirmed its commitment to transparent communication with shareholders and stakeholders to mitigate uncertainty during this period of change.
Bottom Line?
Altech’s leadership overhaul sets the stage for a new chapter, but the market will watch closely to see how swiftly the new board can translate strategic ambitions into tangible progress.
Questions in the middle?
- What are the finalized terms and strategic priorities under Daniel Raihani’s leadership?
- How will the new board accelerate partnerships to commercialize Silumina Anodes™ and CERENERGY batteries?
- What impact will this leadership change have on Altech’s project timelines and investor confidence?