Allego Appoints Steven Salo as Chief Financial Officer

Rhea-AI Summary

Allego N.V. (NYSE: ALLG), a leading provider of electric vehicle charging solutions, has announced Steven Salo as its new Chief Financial Officer (CFO), effective July 1, 2024. Salo brings decades of financial experience, having held key roles in companies like Citigroup, Arabtec Holding, and Accsys Technologies. His educational background includes a Bachelor of Commerce from Deakin University and a Masters of Applied Finance and Investment from Finsia. He is also a Chartered Accountant. Salo's strategic financial leadership is expected to bolster Allego's mission to promote sustainable mobility. The current CFO, Ton Louwers, will remain until June 30, 2024.

Positive

• Steven Salo appointed as new CFO with extensive experience effective July 1, 2024.
• Salo's background includes significant roles at Citigroup, Arabtec Holding, and Accsys Technologies.
• Salo holds a Bachelor of Commerce and a Masters of Applied Finance and Investment.
• Salo is a Chartered Accountant with the Institute of Chartered Accountants in England and Wales.
• Current CFO, Ton Louwers, to ensure smooth transition by remaining until June 30, 2024.

Negative

• No specific financial improvements or business milestones were announced with the new appointment.
• Potential investor concern over transition period until new CFO takes full charge on July 1, 2024.

Seasoned financial executive to bring decades of experience in the industrial sectors to a leading provider of electric vehicle charging solutions

ARNHEM, Netherlands--(BUSINESS WIRE)-- Allego N.V. (“Allego” or the “Company”) (NYSE: ALLG), a leading provider of electric vehicle charging solutions, is pleased to announce the appointment of Steven Salo as the Company’s new Chief Financial Officer (CFO), effective July 1^st, 2024.

Steven brings extensive experience in financial leadership, strategic planning, and corporate development to Allego. Born in the UK, Steven went on to study in Australia, graduating from Deakin University, Melbourne, with a Bachelor of Commerce and from Finsia with a Masters of Applied Finance and Investment. He began his career at PricewaterhouseCoopers in Melbourne, and worked in their investment banking and financial advisory practice. During this time, Steven qualified as a Chartered Accountant and remains a member of the Institute of Chartered Accountants in England and Wales.

In 2005, Steven relocated to London with Dresdner Kleinwort Wasserstein, and in 2007, joined Citigroup’s M&A advisory department in the UK. During his tenure at Citigroup, Steven worked with various high-profile clients, including Lloyds Bank, Naspers, KKR, Kraft, and the Royal Bank of Scotland. Steven also contributed to building Citigroup’s M&A advisory practice in Sub-Saharan Africa.

In 2013, Steven joined Arabtec Holding PJSC in Abu Dhabi, where he worked closely with the CEO and board in his role as Head of Strategy and M&A. He later moved to Depa plc in 2016 as Group Chief Financial Officer, where he led the finance team until 2021 and played a pivotal role in Depa selling a majority share to the Public Investment Fund of Saudi Arabia. Steven served as interim CEO of Design Studio Group Ltd, a subsidiary of Depa listed on the Singapore Stock Exchange, from 2019 to 2021. Most recently, Steven served as the Chief Financial Officer of Accsys Technologies plc.

“Steven’s extensive experience and forward vision make him a valuable addition to our leadership team,” said Mathieu Bonnet, CEO of Allego. “We are confident that his expertise will help drive our financial strategy and support our mission to accelerate the transition to sustainable mobility.” Ton Louwers, Allego’s current Chief Financial Officer, will remain with the Company through June 30, 2024.

About Allego

Allego is a leading electric vehicle charging solutions provider dedicated to accelerating the transition to electric mobility with 100% renewable energy. Allego has developed a comprehensive portfolio of innovative charging infrastructure and proprietary software, including Allamo and EV Cloud platforms. With a network of 35,000 charging points (and counting) spanning 16 countries, Allego delivers independent, reliable, and safe charging solutions, agnostic of vehicle model or network affiliation. Founded in 2013 and publicly listed on the NYSE in 2022, Allego now employs a team of 220 people striving daily to make charging accessible, sustainable, and enjoyable for all.

For more information, please visit www.allego.eu.

Forward-Looking Statements

All statements other than statements of historical facts contained in this press release are forward-looking statements. Allego intends forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “target” or other similar expressions (or the negative versions of such words or phrases) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, without limitation, Allego’s expectations concerning future performance. These forward-looking statements involve significant risks and uncertainties that could cause the results to differ materially and potentially adversely from those expressed or implied in the forward-looking statements. Most of these factors are outside Allego’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (i) the ability of the Company to remain in compliance with NYSE listing standards and for the Company’s ordinary shares to remain listed on the NYSE, (ii) changes adversely affecting Allego’s business, (iii) the price and availability of electricity and other energy sources, (iv) the risks associated with vulnerability to industry downturns and regional or national downturns, (v) fluctuations in Allego’s revenue and operating results, (vi) unfavorable conditions or further disruptions in the capital and credit markets, (vii) Allego’s ability to generate cash, comply with existing or new debt covenants, service indebtedness and incur additional indebtedness, (viii) competition from existing and new competitors, (ix) the growth of the electric vehicle market, (x) Allego’s ability to integrate any businesses it may acquire, (xi) the agreement of various landowners to deployment of Allego charging stations, (xii) Allego’s ability to recruit and retain experienced personnel, (xiii) risks related to legal proceedings or claims, including liability claims, (xiv) Allego’s dependence on third-party contractors to provide various services, (xv) data security breaches or other network outage, (xvi) Allego’s ability to obtain additional capital on commercially reasonable terms, (xvii) Allego’s ability to remediate its material weaknesses in internal control over financial reporting, (xviii) the impact of a pandemic or other health crises, including COVID-19 related supply chain disruptions and expense increases, (xix) general economic or political conditions, including the Russia/Ukraine and Israel/Hamas conflicts or increased trade restrictions between the United States, Russia, China and other countries, and (xx) other factors detailed under the section entitled “Risk Factors” in Allego’s filings with the Securities and Exchange Commission. The preceding list of factors is not exclusive. If any of these risks materialize or Allego’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Allego does not know or that Allego currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Allego’s expectations, plans, or forecasts of future events and views as of the date of this press release. Allego anticipates that subsequent events and developments will cause Allego’s assessments to change. However, while Allego may elect to update these forward-looking statements at some point in the future, Allego expressly disclaims any obligation to do so unless required by applicable law. These forward-looking statements should not be relied upon as representing Allego’s assessments as of any date after the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240606859069/en/

Allego Contacts:



Investors

investors@allego.eu



Media

press@allego.eu

Source: Allego N.V.

FAQ

When will Steven Salo start as the new CFO of Allego (ALLG)?

Steven Salo will start as the new CFO of Allego on July 1, 2024.

What is Steven Salo's professional background?

Steven Salo has held key roles at Citigroup, Arabtec Holding, and Accsys Technologies, and he is a Chartered Accountant.

What educational qualifications does Steven Salo have?

Steven Salo holds a Bachelor of Commerce from Deakin University and a Masters of Applied Finance and Investment from Finsia.

What impact is expected from Steven Salo's appointment as Allego's CFO?

Steven Salo's extensive experience is expected to bolster Allego's financial strategy and support its mission to promote sustainable mobility.

Who is the current CFO of Allego (ALLG) and until when will they serve?

The current CFO, Ton Louwers, will remain with Allego until June 30, 2024.