Lion E-Mobility AG, a manufacturer of lithium-ion battery packs for electric mobility and energy storage, has announced that Alessio Basteri will step down from its Board of Directors, a change that puts board composition and Swiss residency requirements under scrutiny at a time when the company is pursuing battery energy storage opportunities in Italy.
The Zug, Switzerland-based company disclosed the planned transition in a release carried by NEWMEDIAWIRE. Basteri, who served LION as chairman for many years, said he was grateful to his colleagues and fellow board members for their trust and collaboration, describing his tenure as an amazing journey. He added that he will continue to do what he can to support LION's Italian BESS opportunity, a reference to the company's battery energy storage work in Italy.
Ian Mukherjee, Chairman of the Board of Directors, credited Basteri with years of service as chairman and said his work and commitment have been greatly valued. On behalf of the Board, Mukherjee expressed sincere thanks for Basteri's contribution to the company and for the time and dedication he gave to the role, while also acknowledging his willingness to keep supporting the Italian BESS opportunity. Mukherjee wished him every success in the future.
The company said it will immediately begin the process of identifying a new Board member resident in Switzerland. That detail matters for a Swiss-domiciled, publicly listed company: board residency can bear on governance expectations and on how closely the leadership sits to the company's corporate home. For investors, the practical question is continuity, since Basteri's departure removes an experienced director while the company simultaneously searches for a Swiss-resident replacement.
LION E-Mobility describes itself as a leading manufacturer of battery packs for electric mobility and energy storage solutions. According to the release, the company offers customized plug-and-play solutions for electric vehicles as well as for stationary and industrial applications, and operates highly automated module assembly lines at its own production facility in Germany. It says its battery packs meet high standards in safety, quality and reliability. Founded in 2011, LION E-Mobility AG is listed on the stock exchanges in Munich, Frankfurt and Hamburg, and its shares carry ISIN CH0560888270 and WKN A2QH 97. More information about the company is available at www.lionemobility.com.
The announcement is important for readers tracking the European battery supply chain because board stability can affect how quickly a company moves on projects such as the Italian BESS opportunity that Basteri has offered to keep supporting. The company did not name a successor or set a timetable beyond saying the search will begin immediately. The release also includes forward-looking statements and notes that expectations, estimates and plans involve risks and uncertainties that could cause actual results or events to differ materially, and that LION E-Mobility AG is under no obligation to update them. The full original release can be viewed through www.newmediawire.com.
