CEO Stephan Sielaff has to vacate his publish, Rohit Aggarwal has been appointed as a member of the board (Chief Fiber Officer) and designated CEO. The corporate introduced this on Friday morning.
Sielaff won’t lengthen his administration contract by mutual settlement with the supervisory board, it’s stated. He’ll depart the corporate on the newest when his contract expires on the finish of March 2025. Aggarwal will take over the fibers division in the midst of the third quarter.
Lenzing needed to make large particular write-downs within the final monetary 12 months. The annual loss amounted to virtually 600 million euros on gross sales of two.5 billion euros.
Aggarwal, who has a level in enterprise administration, has held senior positions within the textile and chemical trade in Europe, the USA and Asia for many years. Because of his expertise within the world textile and fiber market, he’s “absolutely conversant in Lenzing’s core enterprise in all its content material and geographical aspects,” the corporate stated. “With Rohit Aggarwal, we now have gained a global chief who is aware of the textile markets very nicely, from uncooked supplies to the processing of environmentally pleasant fibers,” says Supervisory Board Chairman Wire Prinzhorn.
Aggarwal says: “It’s a privilege for me to construct on the robust basis that already exists and to work with the Lenzing workforce to additional develop the enterprise and unlock the complete potential of Lenzing’s well-known manufacturers.” Sielaff is quoted as saying: “The previous couple of very eventful years at Lenzing AG have been characterised by unbelievable power and alter. The huge efforts and ensuing developments are starting.”
As reported, the earlier majority proprietor of the fiber producer, B&C Holding, is promoting a part of its shares to a brand new strategic accomplice. The Brazilian pulp group Suzano is taking on a 15 p.c stake from B&C for 230 million euros, has an choice for an extra 15 p.c in 2028 and would then be the most important shareholder.
