Knorr-Bremse seeks CEO successor

Braking system manufacturer, Knorr-Bremse, has announced a sudden change to its leadership.

Bernd Eulitz, Chairman of the Executive Board of Knorr-Bremse, resigned in mutual agreement, effective 31 August 2020.

This was decided unanimously by the Supervisory Board in its meeting on 12 August 2020.

The Supervisory Board has initiated the search for a successor.

The Supervisory Board asked the remaining members of the Executive Board, Dr Peter Laier, Frank Markus Weber and Dr Jürgen Wilder, to take over the responsibilities of Eulitz for the transitional period.

“Eulitz leaves the company after only 10 months,” Knorr-Bremse said in a statement. “The reason for the resignation is due to profound differences of opinion against leadership and the active shaping of strategic corporate development. This has also led to a growing strain on the relationship between Mr. Eulitz and the Chairman of the Supervisory Board and made it impossible to continue the cooperation.”

The departure of Mr. Eulitz, according to Knorr-Bremse, has no connection with the performance and successful corporate development of Knorr-Bremse.

On 16 July 2020, the company announced that it would be able to finish Q2 2020 with exceeding capital market estimates. The outlook for fiscal year 2020 also underpins the positive business development of the company despite the effects of the Covid-19 pandemic.

“We are now looking for an entrepreneurial personality who will continue to lead successfully Knorr-Bremse with its convincing corporate strategy and above average performance together with the other board members,” said Prof. Dr. Klaus Mangold, Chairman of the Supervisory Board of Knorr-Bremse. “We expect the initiated talks about the succession to be concluded in the coming weeks.”

In June, Knorr-Bremse confirmed it was on track to becoming a leading global manufacturer of steering systems for commercial vehicles.

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