Appointment of Chief Executive Officer and Non-Executive Directors
Savannah Resources plc, the European lithium development company, is pleased to announce that, following an extensive selection process, Mr Emanuel Proena has been appointed as the Company’s new Chief Executive Officer (‘CEO’). Emanuel is Savannah’s first Portuguese CEO and will be based in Lisbon and will commence his role on 18 September 2023.
Dale Ferguson, Savannah’s current Interim CEO, will return to his previous role as Savannah’s Technical Director to lead the ongoing technical development of the Barroso Lithium Project (the “Project”). He will also retain his seat on the Company’s Board.
The Company also welcomes two new Non-Executive Directors. Bruce Griffin joins as an Independent Non-Executive Director, while Mohamed Sulaiman joins as Non-Executive Director, replacing the retiring Imad Sultan (Non-Executive Director since July 2016) as the Board representative of Savannah’s largest shareholder, Al Marjan Ltd (“Al Marjan”). These changes are effective immediately.
Highlights
• Emanuel brings to Savannah a wealth of Portuguese and international business and leadership experience gained across a range of relevant industries and disciplines, including energy, tech investment, and management consultancy
• He joins Savannah from his role as CEO of Prio’s industrial businesses. Prio is one of Portugal’s 20 largest companies, and the country’s largest green fuels and biodiesel producer, and its second largest provider of electricity for mobility and a network of charging points
• At Prio, Emanuel’s responsibilities included being CEO of multiple subsidiaries which generated over €1.5 billion in revenue and accounted for approximately 80% of the group’s profitability in 2022
• As Savannah’s first Portuguese CEO, located in Lisbon, Emanuel will give Savannah a constant high-level presence in the Portuguese business, political and media ecosystems
• Mr Proena’s appointment as CEO will initially be in a Non-Board capacity. The Company envisages that Mr Proena will formally join Savannah’s Board during H1 2024
Matthew King, Savannah's Chairman said: “I am delighted to announce the appointment of Emanuel Proena as Chief Executive Officer of Savannah Resources, and that Bruce Griffin and Mohammed Sulaiman have agreed to join the Board as Non-Executive Directors.
“Emanuel Proena is joining us from Prio Group, which is the largest producer and supplier of biofuels in Portugal and where, as CEO of Prio Supply, he has grown EBITDA by 20 times in 6 years. In that role, he has developed skills in managing a rapidly growing business, which are highly transferable to Savannah. He has also developed excellent relations with the Portuguese Government, industry regulators, commercial partners in the energy sector, and service providers. He also has a strong record of maintaining a constructive rapport with local communities and other stakeholders. Emanuel has an ideal executive profile for Savannah as we look to take our Barroso Lithium Project through to production.
“To complement Savannah’s sole focus and commitment to Portugal, as Savannah’s first Portuguese CEO, located in Lisbon, Emanuel will provide the Company with the constant high-level presence in the country’s business, political and media ecosystems which it has not enjoyed to date. The Board and I all look forward to working with him.
“My great appreciation goes to Dale Ferguson, who led us so successfully through the last 15 months as Interim CEO. Alongside an orderly handover of responsibilities to Emanuel, Dale will resume his former role as Savannah’s Technical Director and will lead the work programmes which we have underway on the Project’s environmental licencing and Definitive Feasibility Study.
“Remaining with the Board, we give our thanks to Imad Sultan who is stepping down as Non-Executive Director after seven years of valuable service and contribution as the representative of Al Marjan. We welcome Mohamed Sulaiman as his replacement and look forward to benefiting from his significant experience gained on the Boards of other public and private companies. Finally, we also welcome Bruce Griffin as an additional, independent Non-Executive Director who will add to the Board’s skills base with his 20 years of experience in the mining sector.”
Emanuel Proena, Savannah's new CEO said "I am excited to join Savannah as CEO, to help the Company achieve its target of becoming a responsible lithium producer in Portugal and a cornerstone element of Europe’s rapidly growing lithium battery and electric mobility value chain. I am pleased with the quality of the Project and the robustness of the work done to date. I appreciate that the proposed development is a concern to some stakeholders. Hence, I will make it a priority of my mandate to work on the understanding between all parties involved, as we speed up a project that will be essential for the development of the region, the attraction of value for our country and the acceleration of a responsible and much needed energy transition for Europe and the World.”
“Society must move as quickly as it can to tackle the environmental, social and economic damage being caused by climate change, and to seize the new opportunities created in our evolving economy.”
Bruce Griffin, non-executive director said: “I am excited to join Savannah as it embarks on the development phase of the Barroso Lithium Project; a new, European, source of lithium. I hope to apply my experience of the successful funding and on time and budget delivery of the Thunderbird project to ensure a similar positive outcome for Savannah.”
Mohamed Sulaiman, non-executive director said: “I am honoured to contribute to Europe's energy self-sufficiency journey through Savannah's development of lithium resources in northern Portugal. I hope to bring energy, mobility and sustainability knowledge and experience, and international perspective to the Barroso Lithium Project. I am really excited to be part of such an important energy transition undertaking at such a unique time.”