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Lenzing CFO to step down

October 7, 2013

As a result of the changed market environment, Lenzing's production operations as well as marketing and sales activities will be upgraded. In the future Lenzing’s management board will consist of four instead of three members. CEO Peter Untersperger will not only be supported by a chief financial officer and a chief operating officer for production, but also a chief sales and marketing officer.

In mutual agreement with the supervisory board, Thomas Winkler, CFO of Lenzing AG, will step down from his position on the management board effective at the end of 2013 because of differing opinions related to the future course and organization of the Lenzing Group. Winkler has agreed to serve the company in an advisory capacity for another year.

The global market environment in the viscose fiber segment remains challenging the company says. Excess production capacity has been built up due to the weaker growth in China and the ongoing investment activity in the fiber industry. Lenzing has decided to even more rigorously implement its specialty strategy in response to the changed business environment. In turn, this has led to a restructuring of the management board. COO Friedrich Weninger, who has responsibility for the company’s global fiber business, will focus more intensely on Lenzing’s core activity of production effective immediately. This step is particularly necessitated in the light of the coming on stream of the Tencel production plant at the Lenzing site, involving planned investment costs of €150 million. The new facility, which is already expected to be put into operation in 2014, will increase production capacity for this specialty fiber by about 40% to a level of 220,000 tons annually. The future chief sales and marketing officer will ensure the optimal marketing of the additional production volumes.