KUKA Supervisory Board reorganizes Executive Board
Dr. Till Reuter, Supervisory Board chairman of KUKA AG, will become the company's temporary CEO effective October 1, 2009
29 September, 2009
- Supervisory Board chairman Dr. Till Reuter to become temporary CEO from October 1, 2009 to early 2010 under the terms of article 105 paragraph 2 of the German Stock Corporation Act
- Move fully supported by KUKA employee representatives
- Stephan Schulak to become new CFO, effective October 1, 2009
- COO position soon to be added to Executive Board
- Supervisory Board member Bernd Minning to assume position of Supervisory Board chairman during this time
Dr. Till Reuter, Supervisory Board chairman of KUKA AG, will become the company's temporary CEO effective October 1, 2009. The Supervisory Board unanimously approved the decision at an extraordinary meeting on Tuesday, September 29, 2009.
Reuter's term as CEO will end in early 2010. The length of time the position can be held is limited by article 105, paragraph 2 of the German Stock Corporation Act. A permanent new CEO is to assume the position shortly.
"We are at an advanced stage of discussions with a number of highly qualified candidates, who will be available in early 2010. A good solution is more important than a fast solution. In the interim, the Executive Board will have three priorities: first, redirect the focus back toward the operating business; second, establish a solid foundation for the company's financing; and third, work on further developing and implementing the strategy. I thank the Supervisory Board for its confidence," said Reuter.
"We strongly urged Dr. Reuter to take over as temporary CEO. After all, he will remain in the position of Supervisory Board chairman for a long time, and thus represents continuity," said Jürgen Kerner, first secretary of IG Metall in Augsburg and Deputy Supervisory Board chairman of KUKA AG.
Reuter will resign from his position as chairman of the Supervisory Board; he will not exercise his duties as a member of the Supervisory Board while serving as interim CEO. Member of the Supervisory Board Bernd Minning will take over as Supervisory Board chairman.
At the same time, the search for a CFO was successfully completed. Stephan Schulak will become the new CFO effective October 1, 2009.
His most recent position was CFO of KUKA Roboter GmbH. Schulak has many years of experience as Chief Financial Officer of companies listed on the stock exchange. From 2002 to 2007, he was CFO of SÜSS MicroTec AG and from 2007 to 2008 he worked at FJH AG.
KUKA's Executive Board will soon be expanded by the function of COO. The COO will be responsible for executing the cost cutting program, which will in turn strengthen KUKA's market position.
Information for journalists
Article 105 of the German Stock Corporation Act
Mutual exclusivity of management and supervisory board functions
(1) A supervisory board member may not also be a member of the executive board, permanent proxy of an executive board member, authorized signatory or officer of the company's entire business operations.
(2) The supervisory board may only appoint individual supervisory board members to act on behalf of an absent or impeded executive board member for a predefined period of time - maximum one year. Renewing an appointment or extending the term of office is permissible, provided the total term of office does not exceed one year. During their term as acting executive board member, supervisory board members are not permitted to fulfill any supervisory board functions. The non-compete clause outlined in article 88 does not apply to these persons.
Brief profile of Dr. Till Reuter
Dr. Till Reuter, born May 1968, previously advised the Grenzebach family regarding its participation in KUKA AG. In addition, he directly owns 1.9 percent of KUKA shares via his Swiss holding company RINVEST AG.
Reuter comes from a midsized family company in Rheingau. He completed a double degree in business administration and law at the University of St. Gallen and University of Konstanz. He was subsequently awarded a doctorate in St. Gallen. During the early years of his career he worked as a lawyer in New York, São Paulo and Frankfurt, last at the well-known international law firm Shearman & Sterling. He subsequently worked for ten years in investment banking at Morgan Stanley, Deutsche Bank and Lehman Brothers, before founding his own company, RINVEST AG, in May 2008. The holding company had capital commitments of nearly 100 million US dollars right out of the starting gate from private and institutional investors. RINVEST invests in strategic minority shareholdings of listed companies. In 2007, he founded a "Best Buddies" branch in Switzerland. The international organization's objective is to socially integrate people who have an intellectual handicap.
Brief profile of Stephan Schulak
Stephan Schulak, Dipl.-Betriebswirt (FH) (business administration degree), born December 1968, can look back on many years of executive experience in the accounting departments of Munich-based Wacker Chemie GmbH (presently Wacker Chemie AG), as CFO of SÜSS MicroTec AG in Garching and FJH AG in Munich. He was CFO of KUKA Roboter GmbH from April 2008 to July 2009.