Change in the KSB Board
With the further development of the company already announced by the Supervisory Board, KSB AG has made additional personnel changes. The Chairman of the Board of Management, Prof. Dr. h. c. Josef Gerstner, left the company on Friday, 1 July 2005. Mr Gerstner and KSB are parting by best mutual agreement.
Mr Gerstner, whose contract ends in May 2006, took over the management of the company in 1996 during a difficult phase. Under his leadership the financial situation of the pumps and valves manufacturer enjoyed a sustainable improvement. At the same time, as Chairman of the Board of Management, he succeeded in accentuating and promoting the company's external image.
To ensure that planning security is achieved for customers and employees alike, it was a logical step to put the modalities in place now for Mr Gerstner's succession.
In the interim period, the Chairman of the Supervisory Board, Peter Schubert, has been appointed to the Board of Management in order to take over the temporary coordination and chairmanship of KSB AG. Richard Lederer, member of the Supervisory Board, who was previously employed for many years in the management of the KSB Group, will head the Supervisory Board during this period. The company has thus created the conditions for an orderly selection procedure to choose a suitable successor as chair of the Board of Management, who will decisively shape the further future of KSB.
Board of Management members Dr.-Ing. Willi Enderle and Dr. rer. pol. Alois Wittmann will remain in their present positions.
Source: KSB SE & Co. KGaA
