R. STAHL renews contract with Chief Executive Officer Martin Schomaker until end of 2019
Continuity in Executive Board ensured in times of challenging market environment
Waldenburg, February 25, 2016 - The Supervisory Board of R. STAHL AG today unanimously agreed to renew the contract of Chief Executive Officer Martin Schomaker (59) for another period of three years until December 31, 2019. Schomaker's current contract is expiring at the end of 2016. Over the next years, he will continue to lead the changes initiated last year to help the company respond to challenging market conditions caused by the decline of the oil price. This includes the implementation of the cost adjustment measures that have already been launched as well as the company's strategic development in the chemical and pharmaceutical industries. This step ensures ongoing successful collaboration within the Executive Board. The contract of Chief Financial Officer Bernd Marx had already been renewed in May 2015 until the end of 2020.
"We are very pleased that Martin Schomaker remains with R. STAHL for another three years", commented Heiko Stallbörger, Chairman of the Supervisory Board. "We are convinced that he will successfully implement the set of measures we adopted last year and that he will, together with Bernd Marx, lead the company through these challenging market conditions to further growth."
In October 2015, R. STAHL had adopted a set of measures to safeguard competitiveness over the long term in order to respond to the challenging market environment in the oil and gas industry. Besides reducing costs, the different initiatives focus on generating additional business in industry sectors chemicals, pharmaceuticals and marine with the aim of further reducing dependency on the oil price. The majority of initiatives have already been implemented. R. STAHL expects that the optimisation program will have positive effects on earnings starting in the current fiscal year 2016.
Martin Schomaker joined R. STAHL in 1991. He was appointed to the Managing Board in 1995 and took over responsibility as Chief Executive Officer in 2002. He is responsible for Sales/Marketing, Technology/Production, Quality Management, Product Management, Human Resources as well as Internal Audit and Risk Management.
For further information:
Bernd Marx (CFO)
Nathalie Kamm (Investor Relations)
E-mail: [email protected]
2016-02-25 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||R. Stahl AG|
|Am Bahnhof 30|
|Phone:||+49 (7942) 943-0|
|Fax:||+49 (7942) 943-4333|
|Listed:||Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich|
|End of News||DGAP News Service|