Rieter Holding Ltd. has elected its chairman Erwin Stoller as executive chairman. The heads of both operating divisions of Rieter, Textile Systems and Automotive Systems, and the head of the Corporate Center will report directly to Mr. Stoller. This Schneider, vice-chairman of the board, has been elected lead director. Harmut Reuter, CEO of Rieter, will leave the company. The new organization takes effect immediately.
Rieter announced that Rieter’s Board of Directors is assuming greater responsibility at the operating level in a very difficult business environment and thus shortens the decision-making process. As a consequence of the financial and economic crisis the Rieter Group is having to cope with a slump of unprecedented proportions. As already announced in the spring of 2009, Rieter will report a significant operating loss in the current financial year.
he extensive restructuring measures initiated in 2008 call for further vigorous efforts. Rieter’s Board of Directors is confident of achieving a turnaround in 2010 and reporting positive operating results in 2011.