Monbat AD Board initiates selection of interim CEO, appoints procurator
Corporate
Monbat AD Board has initiated the process for appointing a new CEO, following the resignation of Atanas Bobokov. In the meantime, the Board has appointed Dimitar Kostadinov as a second procurator of the Company who will take over the leadership of the company and ensure the company’s business continues operating as usual.
Monbat AD is a publicly listed company who is a pioneer in the circular economy and one of Bulgaria’s best international industrial success stories. The European Bank for Reconstruction and Development (EBRD) is one of the major shareholders and investors in the Company. Monbat AD’s shareholders also include large pension funds Doverie and Allianz.
Monbat AD employs over 1100 people and is a key European player. It exports to 71 countries worldwide and has production facilities in Bulgaria, Serbia, Romania, Italy and Germany. The company has made sizable investments into Germany, where it has with the support of the German government consolidated the local Lithium-Ion battery industry. Monbat AD is one of the few companies in the world that is producing cells and batteries based on the Lithium-Ion technology which will shape the ecological future.
Monbat AD complies with all relevant Bulgarian and EU environmental legislation, it possesses all necessary licenses in all countries of operation and is working in accordance with the international environmental standards.
The Board of Monbat AD also decided to launch a private independent audit to review operations and the way its service providers operate their waste disposals. Monbat AD does not own or control any companies which either deposit or dispose of residue technological waste from the recycling.
Monbat AD reserves the right to terminate its business relations and/or initiate legal actions against third party operators who do not respect environmental legislation or do not operate according to Monbat AD’s environmental standards.
Monbat AD is fully co-operating with the Bulgarian authorities on all matters.
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Monbat AD produces and recycles lead-acid batteries to power individuals and industries, to lead the transition to a low carbon future. It has also developed state-of-the-art Lithium-Ion batteries and is introducing these for the international marine industry.
Monbat AD is publicly listed on the Premium Equities Segment of the Bulgarian Stock Exchange – Sofia AD. It has attracted significant foreign direct investment while promoting economic growth and job creation in Bulgaria.
The Company is a member of several business associations in Bulgaria, including the German-Bulgarian Chamber of Commerce and Industry.