Dr Frank Stieler, CEO of KraussMaffei Group, is to resign on March 31st, with current COO of the company, Dr Michael Ruf, taking over the position.
Stieler has been CEO of KraussMaffei Group since July 2015.
Under the leadership of Ruf, the company will streamline its organisation, allowing further rationalisation to deal with the challenges posed by the current economic situation and the impact from the coronavirus pandemic.
Ruf said: “We are ready to face such challenges. I enjoyed working with Dr Stieler thereby creating the concepts for the changes together. I am grateful that he developed the company to this level.”
Bai Xinping, Chairman of the Board, said: “Dr Stieler has refocussed and repositioned KraussMaffei as the plastics industry pioneer. He has managed the company to deal with the current challenges. We thank him for his work and wish him all the best for his future.”