EUR 150 million deposited, plus accounts receivable taken over! That was Stefan Pierer’s price when he took over Leoni AG. The following course has now been set at the automotive supplier: with Friedrich Roithner, the CFO of Pierer Industrie AG is taking over as head of the supervisory board. And the new owner is stepping up the pace.
“A new chapter has started with Leoni. We have a dedicated workforce, a strong technology base and a solid operational base. So the company has all the ingredients to be successful in the long term,” says Klaus Rinnerberger, who recently took over the management of the German cable giant.
‘The operational turnaround must now be successful in the long term’
Stefan Pierer, the new owner of the car supplier, picks up the pace. “Leoni has no time to lose, the operational turnaround must now be successful in the long term,” says the entrepreneur, who, as head of Pierer Mobility AG, only presented the half-year results this week and could look forward to an increase in turnover in a total of 1.387 billion euros.
Pierer speaks of a “necessary turnaround and departure” at Leoni in order to cope with the “further increasing competitive pressure in the car industry”. “Friedrich Roithner is the right person to lead the Supervisory Board at this crucial stage,” said the 66-year-old.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
