Wintethur, Switzerland - Rieter Holding Ltd has made chairman Erwin Stoller its new executive chairman in a series of organisational and personnel changes, the company said 4 Aug. The company's ceo, Harmut Reuter, will leave the company.
The heads of Rieter's Textile Systems and Automotive Systems, as well as the head of the Corporate Center, will report directly to Stoller, while vice-chairman of the board, This Schneider, will now become lead director. The changes take effect immediately, Rieter said.
Rieter said the changes are designed to give the board of directors "greater responsibility at the operating level in a very difficult business environment."
The company already announced in the spring of 2009 that it will report a "significant operating loss" in the current financial year, adding in the statement that it will post a 50 percent decline in sales for the first six months of 2009, compared to the same period last year, and a net loss of CHF 150 million ($141.5 million).
The company expects a difficult market environment in the next two years but is confident of achieving positive operating results in 2011. (RD)