HEIDENHEIM, GERMANY – Effective March 31, 2008, Dr. Hermut Kormann will, at the age of 66, step down from his position as President and Chief Executive Officer of Voith AG. At its regular meeting yesterday, the Supervisory Board approved the proposal submitted by the Shareholders' Committee and unanimously appointed Dr. Hubert Lienhard, member of the Board of Management of Voith AG and Chief Executive of Voith Siemens Hydro Power Generation, as his successor.
During his tenure as CEO of Voith AG, Dr. Kormann has made a name for himself primarily as a consistent and capable corporate strategist. In his position as Chief Financial Officer, he, together with Dr. Michael Rogowski, was instrumental in steering Voith safely through a division of ownership in the 1990s and subsequently driving Group business from EUR 1.2 billion to today's volume of EUR 5 billion.
Numerous ground-breaking acquisitions have significantly strengthened Voith's position in the paper, energy and mobility markets to which it has long been committed. In addition, a new Group Division – Voith Industrial Services – was sharply ramped up on Dr. Kormann's watch. The acquisition of a majority interest in DIW Deutsche Industriewartung AG (2000) and the purchase of both the US American Premier Group (2005) and Hörmann Industrietechnik (2006) all reinforced this aspect of the Voith Group's activities. While overseeing such vital acquisitions, Dr. Kormann has constantly remained true to his conviction that, ultimately, only innovation can give a company a powerful position and fuel above-average organic growth. In keeping with this principle, he led the Group to new historic peaks 140 years after its inception. In fiscal 2006/2007, the order intake was close to EUR 5 billion, while sales topped the EUR 4 billion mark for the first time.
Dr. Kormann began his career at Voith in 1989 as head of Finance and Accounting at what was then J.M. Voith GmbH. His appointment as a Managing Director followed two years later. When J.M. Voith GmbH was transformed into Voith AG in 1997, Dr. Kormann became Financial Director and Controller and a member of the Board of Management. Since April 2000, he has been guiding development of the Voith Group in his present position as President and Chief Executive Officer.
Alongside his professional commitments, Dr. Kormann has earned considerable merit through his honorary endeavors in the realms of business, science and culture. Dr. Kormann is Chairman of the Landeskuratorium Baden-Württemberg des Stifterverbandes für die deutsche Wissenschaft ("Baden-Württemberg's State Board of Trustees for the Association of Donors to German Science"), a founder-member of Wissensfabrik-Unternehmen für Deutschland e.V. (the "Association of Knowledge Factory Companies for Germany") and a co-founder and board member of Bildhauersymposium Heidenheim e.V. (a regional sculptors' symposium). Since 2006, he has also served as Honorary Professor of General Management Theory (especially for midsized enterprises) at the University of Leipzig. In recognition of his distinguished service to entrepreneurial and social issues, Dr. Kormann was awarded the Cross of the Order of Merit of the Federal Republic of Germany in May 2007.
Dr. Hubert Lienhard, the President and CEO designate of Voith AG, was born in Triberg in the Black Forest in 1951. The father of two children, Dr. Lienhard has devoted his working life to industrial systems and engineering. After studying chemistry and earning his doctorate, he began his career in 1981 at Lurgi GmbH, for whom he spent several years in both the USA and Scotland. 1989 brought a move to ABB Kraftwerke AG in Mannheim, Germany, where he initially took charge of the company's gas turbine business before being appointed to the Board of Directors in 1993. A year later, Dr. Lienhard moved up to the Board of ABB AG Deutschland. He assumed a complementary position as a member of the Board of Management for the Power Plant line at ABB Ltd., Zurich, in 1996. During this period, Dr. Lienhard spearheaded the ABB Group's coal-fired power plant activities worldwide.
His service to Voith AG began in 2001, when he was appointed to the Board of Management. A year later, Dr. Lienhard assumed the role of Chief Executive of Voith Siemens Hydro Power Generation GmbH & Co. KG, while also shouldering additional functional responsibilities for strategic procurement and risk management. Under his leadership, Voith Siemens Hydro flourished and grew. Its incoming order volume increased from half a billion euros to more than EUR 1 billion euros. Earnings too doubled during his tenure. Siemens, Voith's partner in this field, likewise expressed its satisfaction with the development of the joint venture.
Dr. Lienhard introduced strategic procurement as a new area of functional responsibility, fashioning it into a powerful management tool throughout the entire Group. Technical risk management is a further vital function for which he has overseen the development of effective processes. Programs designed to improve collaboration between the Group's globally distributed units are yet another project that Dr. Lienhard has headed.
Dr. Lienhard is a member of both the Administrative Board of Sulzer AG and the Supervisory Board of SGL Carbon AG. He also serves as India Liaison Officer for the Asia Pacific Committee of the Association of German Industry, and is a member of the German-Indian Advisory Group.
"His breadth and depth of industry experience, his commitment to the concept of the 'family-owned company' and his history of successful service among his peers make Dr. Lienhard a worthy choice as President and Chief Executive Officer," Dr. Rogowski told the press. Dr. Lienhard will lead the Voith Group in this new capacity with effect from April 1, 2008. "I am pleased at the trust placed in me by the shareholders, the Shareholders' Committee, the Supervisory Board and the Advisory Council," Dr. Lienhard said. "I will devote all my energies to sustaining and shaping the success story that is Voith."
The appointed successor of Dr. Lienhard as Chairman of the Board of Voith Siemens Hydro Power Generation GmbH & Co. KG is Dr. Roland Münch. He will manage the Group Division Voith Siemens Hydro as of 1 April 2008.
Dr. Roland Münch was born in Karlsruhe, Germany, in 1959. After obtaining his high school certificate in 1979 he studied electric engineering at the Fridericiana University in Karlsruhe, finishing in 1986 with a degree in engineering. He then took up a post as a scientific researcher at the " Institut für Allgemeine Elektrotechnik und Hochspannungstechnik" (Institute for General Electric Engineering and High Voltage Technology at RWTH Aachen, gaining a doctorate in 1990. After various positions within the ABB Group he joined Voith in 2002 as a Member of the Board of Voith Paper Holding where he was in charge of integrating the paper technology divisions of Jagenberg AG that Voith had acquired earlier. After successfully completing this integration he has been responsible for the Business Division "Automation" within the Group Division Voith Paper since 1 October 2002. Since 2006, Dr. Münch has been a Deputy Member of the Management Board of Voith AG.
Voith sets standards in the markets for paper, energy, mobility and service. Founded in 1867, it today has a workforce of 37,000 and sales of 4 billion euros. With more than 300 locations around the world, it is one of the large family-owned companies in Europe.
Voith AG announces change at the top
HEIDENHEIM, GERMANY – Effective March 31, 2008, Dr. Hermut Kormann will, at the age of 66, step down from his position as President and Chief Executive Officer of Voith AG. At its regular meeting yesterday, the Supervisory Board approved the proposal submitted by the Shareholders' Committee and unanimously appointed Dr. Hubert Lienhard, member of the Board of Management of Voith AG and Chief Executive of Voith Siemens Hydro Power Generation, as his successor.
During his tenure as CEO of Voith AG, Dr. Kormann has made a name for himself primarily as a consistent and capable corporate strategist. In his position as Chief Financial Officer, he, together with Dr. Michael Rogowski, was instrumental in steering Voith safely through a division of ownership in the 1990s and subsequently driving Group business from EUR 1.2 billion to today's volume of EUR 5 billion.
Numerous ground-breaking acquisitions have significantly strengthened Voith's position in the paper, energy and mobility markets to which it has long been committed. In addition, a new Group Division – Voith Industrial Services – was sharply ramped up on Dr. Kormann's watch. The acquisition of a majority interest in DIW Deutsche Industriewartung AG (2000) and the purchase of both the US American Premier Group (2005) and Hörmann Industrietechnik (2006) all reinforced this aspect of the Voith Group's activities. While overseeing such vital acquisitions, Dr. Kormann has constantly remained true to his conviction that, ultimately, only innovation can give a company a powerful position and fuel above-average organic growth. In keeping with this principle, he led the Group to new historic peaks 140 years after its inception. In fiscal 2006/2007, the order intake was close to EUR 5 billion, while sales topped the EUR 4 billion mark for the first time.
Dr. Kormann began his career at Voith in 1989 as head of Finance and Accounting at what was then J.M. Voith GmbH. His appointment as a Managing Director followed two years later. When J.M. Voith GmbH was transformed into Voith AG in 1997, Dr. Kormann became Financial Director and Controller and a member of the Board of Management. Since April 2000, he has been guiding development of the Voith Group in his present position as President and Chief Executive Officer.
Alongside his professional commitments, Dr. Kormann has earned considerable merit through his honorary endeavors in the realms of business, science and culture. Dr. Kormann is Chairman of the Landeskuratorium Baden-Württemberg des Stifterverbandes für die deutsche Wissenschaft ("Baden-Württemberg's State Board of Trustees for the Association of Donors to German Science"), a founder-member of Wissensfabrik-Unternehmen für Deutschland e.V. (the "Association of Knowledge Factory Companies for Germany") and a co-founder and board member of Bildhauersymposium Heidenheim e.V. (a regional sculptors' symposium). Since 2006, he has also served as Honorary Professor of General Management Theory (especially for midsized enterprises) at the University of Leipzig. In recognition of his distinguished service to entrepreneurial and social issues, Dr. Kormann was awarded the Cross of the Order of Merit of the Federal Republic of Germany in May 2007.
Dr. Hubert Lienhard, the President and CEO designate of Voith AG, was born in Triberg in the Black Forest in 1951. The father of two children, Dr. Lienhard has devoted his working life to industrial systems and engineering. After studying chemistry and earning his doctorate, he began his career in 1981 at Lurgi GmbH, for whom he spent several years in both the USA and Scotland. 1989 brought a move to ABB Kraftwerke AG in Mannheim, Germany, where he initially took charge of the company's gas turbine business before being appointed to the Board of Directors in 1993. A year later, Dr. Lienhard moved up to the Board of ABB AG Deutschland. He assumed a complementary position as a member of the Board of Management for the Power Plant line at ABB Ltd., Zurich, in 1996. During this period, Dr. Lienhard spearheaded the ABB Group's coal-fired power plant activities worldwide.
His service to Voith AG began in 2001, when he was appointed to the Board of Management. A year later, Dr. Lienhard assumed the role of Chief Executive of Voith Siemens Hydro Power Generation GmbH & Co. KG, while also shouldering additional functional responsibilities for strategic procurement and risk management. Under his leadership, Voith Siemens Hydro flourished and grew. Its incoming order volume increased from half a billion euros to more than EUR 1 billion euros. Earnings too doubled during his tenure. Siemens, Voith's partner in this field, likewise expressed its satisfaction with the development of the joint venture.
Dr. Lienhard introduced strategic procurement as a new area of functional responsibility, fashioning it into a powerful management tool throughout the entire Group. Technical risk management is a further vital function for which he has overseen the development of effective processes. Programs designed to improve collaboration between the Group's globally distributed units are yet another project that Dr. Lienhard has headed.
Dr. Lienhard is a member of both the Administrative Board of Sulzer AG and the Supervisory Board of SGL Carbon AG. He also serves as India Liaison Officer for the Asia Pacific Committee of the Association of German Industry, and is a member of the German-Indian Advisory Group.
"His breadth and depth of industry experience, his commitment to the concept of the 'family-owned company' and his history of successful service among his peers make Dr. Lienhard a worthy choice as President and Chief Executive Officer," Dr. Rogowski told the press. Dr. Lienhard will lead the Voith Group in this new capacity with effect from April 1, 2008. "I am pleased at the trust placed in me by the shareholders, the Shareholders' Committee, the Supervisory Board and the Advisory Council," Dr. Lienhard said. "I will devote all my energies to sustaining and shaping the success story that is Voith."
The appointed successor of Dr. Lienhard as Chairman of the Board of Voith Siemens Hydro Power Generation GmbH & Co. KG is Dr. Roland Münch. He will manage the Group Division Voith Siemens Hydro as of 1 April 2008.
Dr. Roland Münch was born in Karlsruhe, Germany, in 1959. After obtaining his high school certificate in 1979 he studied electric engineering at the Fridericiana University in Karlsruhe, finishing in 1986 with a degree in engineering. He then took up a post as a scientific researcher at the " Institut für Allgemeine Elektrotechnik und Hochspannungstechnik" (Institute for General Electric Engineering and High Voltage Technology at RWTH Aachen, gaining a doctorate in 1990. After various positions within the ABB Group he joined Voith in 2002 as a Member of the Board of Voith Paper Holding where he was in charge of integrating the paper technology divisions of Jagenberg AG that Voith had acquired earlier. After successfully completing this integration he has been responsible for the Business Division "Automation" within the Group Division Voith Paper since 1 October 2002. Since 2006, Dr. Münch has been a Deputy Member of the Management Board of Voith AG.
Voith sets standards in the markets for paper, energy, mobility and service. Founded in 1867, it today has a workforce of 37,000 and sales of 4 billion euros. With more than 300 locations around the world, it is one of the large family-owned companies in Europe.
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