Changes in the Board of Management and the Supervisory Board of HOMAG Group AG
Pekka Paasivaara becomes new Chief Executive Officer | Ralph Heuwing is set to take over the position as Chairman of the Supervisory Board in September 2015, from Ralf W. Dieter, who will remain a Supervisory Board member
In today's meeting, the Supervisory Board of HOMAG Group AG appointed Pekka Paasivaara (53) as Chief Executive Officer of HOMAG Group AG with immediate effect. Together with Ralph Heuwing, who will be Co-CEO during a transition period until September 15, 2015, and the Management Board team, Mr. Paasivaara will drive the strategic reorientation of the HOMAG Group. Ralph Heuwing, who also serves as Chief Financial Officer at Dürr AG, is to join the HOMAG Group's Supervisory Board on September 15, 2015, and take over its chair from Ralf W. Dieter, Chairman of the Board of Management at Dürr AG. Ralf W. Dieter will remain a member of the HOMAG Group's Supervisory Board. In addition, the contract of Management Board member and Head of Sales Jürgen Köppel will be extended by a further three years.
Eight months after Dürr acquired a majority stake in HOMAG Group AG, the integration of the HOMAG Group has now been completed with the appointment of the new Chief Executive Officer. Pekka Paasivaara has a wealth of experience in automation technology and plant engineering. Important stages of his career include ABB Flexible Automation, Rexroth Indramat, Bosch Rexroth, Lenze and, most recently, Germanischer Lloyd and its successor company DNV GL Group. Pekka Paasivaara studied economics in Finland and the United States and has a degree in business informatics. He also holds an MBA from IMD in Lausanne. He is married and has one child.
Ralph Heuwing: "The integration of the HOMAG Group into the Dürr Group has now been completed. The company is making good headway. The forthcoming changes require the greatest attention from the CEO and the Management Board. Pekka Paasivaara is the right person to implement a sustainable strategic reorientation, following the guiding principle of ONE HOMAG. I would like to continue to be personally involved in the development of the HOMAG Group as active Chairman of the Supervisory Board."
Ralf W. Dieter: "We are convinced that Pekka Paasivaara will successfully continue the reorientation of the HOMAG Group initiated by Ralph Heuwing. The change in the Board of Management comes at the right time, especially because Ralph Heuwing's dual role at Dürr and HOMAG was only sustainable for a limited period of time."
Additional information
You can download a portrait photograph of Pekka Paasivaara as well as his curriculum vitae <link internal-link>here.
Disclaimer
This press release contains certain statements relating to the future. Future-oriented statements are all those statements that do not pertain to historical facts and events or expressions pertaining to the future such as "believes", "estimates", "assumes", "forecasts", "intend", "may", "will", "should" or similar expressions. Such future-oriented statements are subject to risks and uncertainty since they relate to future events and are based on current assumptions of the Company, which may not occur in the future or may not occur in the anticipated form. The Company points out that such future-oriented statements do not guarantee the future; actual results including the financial position and the profitability of the HOMAG Group as well as the development of economic and regulatory framework conditions may deviate significantly (and prove unfavorable) from what is expressly or implicitly assumed or described in these statements. Even if the actual results of the HOMAG Group including the financial position and profitability as well as the economic and regulatory framework conditions should coincide with the future-oriented statements in this announcement, it cannot be guaranteed that the same will hold true in the future.