Alignment of Group management / Björn Bajan to leave the Company
Pfäffikon SZ, April 30, 2010 - Following the agreement on a comprehensive restructuring of Group financing end of March, Oerlikon Group will increase its focus on further developing the operational businesses. In order to focus management on the recovery and future profitable growth of Oerlikon, Group Headquarters, including its management structures, will be re-grouped. The position of the CEO will be strengthened, Corporate Human Resources and Corporate Restructuring elevated, whereas Corporate Legal will no longer be represented on the executive level. "We align the corporate structures to the needs of the operational businesses with the goal to increase the strategic guidance and to strengthen governance, support capabilities and the implementation of initiatives. The segments maintain their full operational responsibility", says Vladimir Kuznetsov, Chairman of the Board of Directors. All changes will become effective May 19, 2010.
The realignment of Group Headquarters consists of the following elements:
- The full operational responsibility for the Group will be delegated by the Board of Directors to the CEO, Dr. Michael Buscher, who formally takes up his position on May 19. The incumbent CEO, Hans Ziegler, will hand over to Dr. Buscher and step down from his role as Delegate of the Board of Directors following the Annual General Meeting (AGM) on May 18, 2010. Hans Ziegler is proposed for re-election as a member of the Board of Directors at the AGM.
- The current Executive Board will be replaced by an Executive Committee, which will consist of the CEO, CFO, COO, Chief Human Resources Officer (CHRO) and Chief Restructuring Officer (CRO). The CEO is fully accountable to the Board of Directors and is being consulted by the Executive Committee.
- The new position of a CHRO demonstrates the importance of a long term oriented and professional human resource management. The new CRO will oversee the completion of the operational restructuring and support the segments in developing operational excellence. Both positions will report directly to the CEO. For both positions the professional search has already been initiated.
- The segments Oerlikon Coating, Vacuum, Solar and Advanced Technologies will report directly to the CEO. This reduces the distance between the operational business and the CEO.
- COO Thomas Babacan will concentrate on the segments Oerlikon Textile and Drive Systems with full operational responsibility and a clear focus on optimizing the strategic positioning of these segments.
- The Corporate functions will be allocated to the CEO and the CFO. The CFO will be responsible for finance functions (Reporting/Accounting, Controlling/Risk Management, Treasury, Tax), while the CEO will be in charge of Group functions (e.g., Corporate Development, Group Legal Services, Communications, Marketing, Investor Relations, Global Sourcing).
As part of the realignment of Corporate Headquarters, General Counsel and Corporate Secretary Björn Bajan, who is a member of the Executive Board since February 1, 2007, will leave the company in mutual agreement following the AGM. "The normalization of our business processes means that the legal department will continue to fulfill a Group service function, but no longer needs to be represented on the executive level," says Chairman Kuznetsov. "We would like to extend our sincere thanks to Björn Bajan for his dedication and commitment to the Group. He was instrumental in shaping the financial restructuring of the Group and successfully starting the implementation", says Kuznetsov. The Company will continue to maintain close ties with Björn Bajan and wishes him all the best for the future.
The new management structure will allow OC Oerlikon Corporation to act as a strategic holding in direct contact with operations. It will work closely with the Board of Directors to define the framework for the development of the operational business. "For a Group of our size, this is an appropriate management structure. The enhanced set-up will ensure faster decisions and further increase strategic as well as operational efficiency", says Chairman Kuznetsov. In this sense, the new and re-focused management structure will prepare Oerlikon for its recovery.
Oerlikon (SIX: OERL) is a leading high-tech industrial group specializing in machine and plant engineering. The Company is a provider of innovative industrial solutions and cutting-edge technologies for textile manufacturing, thin-film coating, drive, vacuum, solar energy systems and advanced nanotechnology. A Swiss company with a tradition going back 150 years, Oerlikon is a global player with around 16,000 employees at 157 locations in 36 countries and sales of CHF 2.9 billion in 2009. The Company invests more than CHF 200 million annually in R&D, with over 1 200 specialists working on future products and services. The operative businesses rank either first or second in their respective global markets.
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