GEA’s CEO will not renew his contract enabling the next generation of leadership

19-Mar-2018 - Germany

Today, the long-standing CEO of GEA Group Aktiengesellschaft, Jürg Oleas (60), has informed the Chairman of the Supervisory Board, Dr. Helmut Perlet, that he is not seeking to extend his term of office beyond December 31, 2019. Furthermore, Jürg Oleas also suggested to leave from the executive board at the Annual General Meeting in April 2019 in order to allow a swift change in leadership.

Dr. Helmut Perlet, Chairman of GEA’s Supervisory Board, commented: “I deeply regret Jürg Oleas’s decision, but at the same time, I respect this step. The suggested timeframe guarantees that the ongoing implementation of the company’s strategic objectives will continue to be advanced during the current fiscal year while at the same time Jürg Oleas will be able to ensure an orderly transition. The Supervisory Board will shortly discuss any further course of action and commence the formal selection process without delay. Our goal is to appoint a successor by the end of 2018. I would like to very much thank Jürg Oleas for his many years of successful service to GEA over the past 17 years. He, more than anyone, has left his mark on the company, with GEA evolving into a successful international enterprise in the food, beverage and process technology industries under his leadership. Today, GEA is a technology and market leader in the majority of its markets.”

Jürg Oleas stated: “By taking this step, my focus is on paving the way for an orderly succession process allowing the company to successfully further develop GEA. Nonetheless, it was not an easy decision for me to make as I feel strongly committed to GEA, its employees as well as its customers all over the world. During the remaining time, I will further advance the implementation of GEA’s strategic objectives and help ensure an orderly leadership transition. I would like to express my sincere gratitude to the Supervisory Board and all employees, thanking them for the trust they placed in me while looking forward to continuing our close cooperation in the months ahead.”

https://www.yumda.com/en/news/1154049/geas-ceo-will-not-renew-his-contract-enabling-the-next-generation-of-leadership.html