Dr. Gerald Weber to become new CEO of MAG Europe Group

Dr. Gerald Weber will be moving from the MAG Europe GmbH Supervisory Board to MAG Europe Group executive Board on September 1, 2012, and will lead the machine tools and systems manufacturer together with Managing Directors Dr. Sebastian Schöning and Jan Siebert.

Weber, a trained toolmaker, is a proven expert in the automotive and aerospace sector: He has more than twenty years of experience in senior management positions, among others with Volkswagen AG, Daimler Chrysler AG, and Airbus S.A.S. Weber obtains a contract as CEO of the MAG Europe Group until 2015.

As the CEO of MAG Europe Group, Dr. Gerald Weber is taking over from Rolf Rickmeyer, who played a crucial role in shaping the successful restructuring of the group. Rickmeyer will thus be leaving the Executive Board as of August 31, 2012, in accordance with the terms of his contract. As Chief Representative and member of the management team, he will continue with the initiated restructuring process and will actively support the forthcoming transformation in the Executive Board.

"We would like to thank Rolf Rickmeyer for his successful work: The foundation has been laid for the future growth of MAG Europe Group. Dr. Gerald Weber is taking over a company that is in very good shape. He is highly respected in the industry and is equipped with an extraordinary set of management skills and extraordinary expertise. We wish him great success," said Dr. Eckhard Cordes, Chairman of the MAG Europe GmbH Supervisory Board.

Restructuring and strategic reorientation measures at MAG Europe Group are having positive effects, as impressively demonstrated by the following key figures according to US GAAP: In the first six months of 2012, revenues rose compared to the same period of the previous year by 54 percent to EUR 341 million. Order intake amounted to EUR 307 million. Adjusted for restructuring and one-off effects, the operating result (EBIT N) is positive in the single-digit millions. In comparison, the fiscal year 2011 ended with a loss of EUR 30 million. "In addition to the significant increase in revenues, the improvement in results came about primarily due to better project margins as well as considerably reduced structural and process costs," said Rolf Rickmeyer. On this basis, the company is confirming the restructuring plan, as agreed upon with the banks at the end of 2011, under which significant positive results of operations are sought for 2012. "This means that the crucial milestone along the path to a successful future for the corporate group has been achieved," continued Rickmeyer.

Source: MAG Europe GmbH