# DG Innovate appoint Peter Tierney as the Company’s new Chief Executive Officer

- Link: https://www.directorstalkinterviews.com/dg-innovate-appoint-peter-tierney-as-the-companys-new-chief-executive-officer/4121064811
- Published: 2022-05-16T07:09:24+01:00
- Author: Giles

**DG Innovate plc** ([LON: DGI](https://www.directorstalkinterviews.com/company/dg-innovate-plc/dgi.l)),
the advanced research and development company pioneering sustainable and environmentally
considerate improvements to electric mobility and storage, has announced the appointment
of Peter Tierney as the Company’s new Chief Executive Officer, effective from 1st
July 2022.

Peter Tierney is an experienced Chief Executive with over 30 years’ experience in
operating and developing growth orientated service and manufacturing businesses.
He was until recently Chairman and Chief Executive officer of Lewmar Marine Limited(“
Lewmar Marine”), a private equity backed international marine manufacturing and 
distribution business.  Peter was initially appointed to lead the turnaround of 
Lewmar Marine in 2008, quickly returning the business to profit and implementing
a successful growth strategy that led to sales doubling, before the business was
sold to a US trade buyer in 2019, generating a significant return for its private
equity backers.  Prior to joining Lewmar Marine, Peter was Chief Executive Officer
of Vector Aerospace, based in Canada, an aerospace maintenance and operating business,
between 2003 and 2008.  He has also held senior roles at a number of other engineering
businesses in the UK and North America and has a degree in mechanical engineering,
together with a master’s degree in business.

Upon Peter Tierney’s appointment on 1 July 2022, Christopher Theis, the Company’s
current Chief Executive Officer, will assume the role of Executive Chairman for 
a period of four months to ensure an orderly hand over of responsibilities to Peter,
before he takes the role of Non-Executive Chairman of the Company from 1 November
2022.

Nicholas (Nick) Tulloch, currently Non-Executive Chairman, will leave the Company
on 30 June 2022 to focus on his other business interests.  The Board would like 
to thank Nick for his contribution to the Company, and for his help and guidance,
particularly in relation to the acquisition of Deregallera Holdings Limited (formally
named DG Innovate Limited) and the re-admission of the Company’s shares to trading
on the London Stock Exchange.

> **Commenting, Christopher Theis, CEO of DG Innovate, said:**
> “We are very pleased that Peter will be joining the Company as its new Chief Executive
> on 1 July.  Peter brings a wealth of operational experience and sector knowledge
> to DG Innovate that will be invaluable as we seek to commercialise our suite of
> electric mobility and storage technologies.  We believe Peter is the right person
> to lead DG Innovate into the next stage of its journey and beyond, and we look
> forward to working with him.
> “I would also like to take this opportunity to thank Nick, who will be stepping
> down as Chairman, for his wise counsel, support and dedication over a long period
> as we successfully concluded our recent transaction that we believe can deliver
> significant value for shareholders.”

It has been agreed by the Company and Mr Tierney, at his election and request, that
for the months of July, August and September 2022 (3 months) his monthly salary 
value, shall be paid to him in the equivalent value of shares in the Company, based
on the closing offer price of the Company’s shares, as quoted on the London Stock
Exchange, as calculated by the Company, on the last business day of each relevant
month.  The relevant number of DG Innovate shares shall be transferred or issued
to him as soon as practicable thereafter and shall be subject to announcement on
each occasion on a Regulatory Information Service of the London Stock Exchange. 
For the avoidance of doubt, this means that Mr Tierney shall not receive any cash
payment of salary in this period.  He shall start to receive salary payments in 
cash for the month of October 2022 onwards. This shall be subject to all relevant
tax and other deductions.

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