Posted March 3, 2015
PFÄFFIKON, SZ, Switzerland – Tim Summers, chairman of the board of directors of OC Oerlikon Corporation AG, has informed the board that he will not stand for re-election at the upcoming Annual General Meeting of Shareholders.
After four intense years at the helm of Oerlikon and a total of 25 years in key management positions in major global industrial companies, Tim Summers explained his decision: “Oerlikon is now in good shape, back to profitable growth, with a streamlined and clear strategy, paying regular dividends and prepared for the future.”
The company said its board regrets his decision and expresses its thanks for his leadership over the past four years, steering the company to strategic, financial and operational stability.
In addition, current board directors Carl Stadelhofer and Kurt Hausheer also will not but up for re-election at the Annual General Meeting, having both served on the board since 2008. The board thanked them for their profound contributions to the company over the past seven years.
At the shareholders meeting, to be held on April 8, the board will propose that Dr. Michael Süss be elected chairman of the board and Johan van de Steen will be recommended as a member of the board, both representing Renova. The board will also propose that Dr. Mary Gresens join the board as an independent director.
Süss, 51, a German citizen, was a member of the managing board of Siemens AG and CEO of the Siemens Energy Sector until 2014. The Energy Sector is a world’s leading supplier of power technologies along the entire energy conversion chain. He previously served as CEO of the Fossil Power Generation Division of the Energy Sector from 2008 to 2011 and was a member of the Group Executive Management of the Siemens AG Power Generation Group from October 2006 to December 2007
Before joining Siemens, Süss worked in the aero-engineering and automotive industries, holding various management positions at BMW, Porsche and MTU. He graduated with a degree in mechanical engineering from the Technical University of Munich and completed his doctorate at the Institute for Industrial Science/Ergonomics at the University of Kassel (Dr. rer. pol.) in 1994. Since January he has served as CEO of Georgsmarienhütte Holding, a traditional German steel company. He joined Renova Management AG in 2015.
Van de Steen, 49, a Belgian citizen, comes from the telecommunications industry, where he managed projects in Europe and Africa. After several years in Siemens AG, and subsequently as a consultant with McKinsey & Co, in London, he joined the investment house KKR as a partner. He joined Renova Management AG in 2014.
Gresens, 59, a U.S. citizen, more than 30 years of experience as a business executive in international industry. She was the president of the Automotive Division for Schaeffler Group, and thereafter assumed the position of CFO. Previous roles include CFO of ITT Europe GmbH as well as director of Strategic Development at Lear Corporation. She has served as a director on the boards of such institutions as Deutsche BP, Commerzbank and Gerling. She is a senior member of the Society of Automotive Engineers, and teaches project management and liberal studies at Georgetown University. Gresens holds a Masters degree from George Washington University and a doctorate from Georgetown University.
Source: Oerlikon
Oerlikon announces changes to board of directors
