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Company News, 2011-07-29, 10:08 AM

Further step implemented in the strategic development of ThyssenKrupp: New management structure decided for the combination of the chassis activities of the Bilstein group and Presta Steering: Management team selected

On May 13 ThyssenKrupp AG decided on an integrated strategic development program to move the Group forward competitively and sustainably. The strategic development program encompasses portfolio optimization, change management, and performance enhancement. The goals are to reduce debt, enable growth, increase income, and create value.

As part of the portfolio optimization the Group will combine the chassis activities of the Bilstein group and Presta Steering as well as seeking a best-owner solution for the springs and stabilizers business and the Automotive Systems business in Brazil. In this connection a further milestone has been reached:

A new management structure and a new management team have been selected for the new unit emerging from the combination of Bilstein and Presta Steering:

A holding company structure is planned, with a functional management board located in Eschen, Liechtenstein, performing strategic tasks and managing the operating sub-units.

Effective October 1, 2011, the management team will be made up of the following persons:

• Guido Durrer (56) will be chairman of the management board, Thomas Müller (53) will take over the position of CFO, Steffen Schmidt (48) will be responsible for research and development, and Michael Wellenzohn (44) will be in charge of purchasing and sales.

In this connection there will also be changes at the operating companies:

• ThyssenKrupp Presta AG will be headed by Patrick Vith (37) as CEO and Dr. Lars Kogel (40) as CFO.
• Guido Grandi (40) is to be appointed CEO and Rainer Heid (41) CFO of ThyssenKrupp Bilstein Suspension GmbH. The composition of the management board including the human resources director will be decided in the next Supervisory Board meeting on August 25.
• There will also be a new management team in the springs and stabilizers business, which is intended for sale to a best owner, with Dr. Klaus Wolf (47) to be appointed as CEO and Matthias Koll (38) as CFO.

With this realignment, management of the new unit emerging from the combination of Bilstein and Presta Steering will be in the hands of a team who know and will develop the potential of the two companies and the opportunities presented by the combination.

By consolidating expertise in dampers, steering systems and chassis modules in one unit, ThyssenKrupp is positioning itself to meet future challenges in modern chassis systems, particularly from a technological viewpoint. The move will create a major chassis full-service provider with a global footprint, better able to respond to customer needs for high-value integrated solutions.

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