2020-08-13 09:01:56
Summary:Munich, August 12, 2020 – Bernd Eulitz, Chairman of the Executive Board of Knorr-Bremse AG, resigns in mutu...
Munich, August 12, 2020 – Bernd Eulitz, Chairman of the Executive Board of Knorr-Bremse AG, resigns in mutual agreement with effect from August 31, 2020 from thecompany. This was decided unanimously by the Supervisory Board in its meetingtoday. The Supervisory Board has initiated the search for a successor. TheSupervisory Board asked the remaining members of the Executive Board, Dr. PeterLaier, Frank Markus Weber and Dr. Jürgen Wilder, to take over the responsibilities ofMr. Eulitz for the transitional period.

Mr. Eulitz leaves the company after only ten months. The reason for the resignation is due toprofound differences of opinion against leadership and the active shaping of strategiccorporate development. This has also led to a growing strain on the relationship between Mr.Eulitz and the Chairman of the Supervisory Board and made it impossible to continue thecooperation.

The departure of Mr. Eulitz has no connection with the performance and successful corporatedevelopment of Knorr-Bremse AG. On July 16, 2020, the company already announced thatit would be able to finish the second quarter of 2020 exceeding capital market estimates. Theoutlook for fiscal year 2020 also underpins the positive business development of the companydespite the effects of the COVID-19 pandemic.

Prof. Dr. Klaus Mangold, Chairman of the Supervisory Board of Knorr-Bremse AG: ?We arenow looking for an entrepreneurial personality who will continue to lead successfully Knorr-Bremse with its convincing corporate strategy and above average performance together withthe other board members. We expect the initiated talks about the succession to be concludedin the coming weeks.“

About Knorr-Bremse
Knorr-Bremse (ISIN: DE000KBX1006, Ticker symbol: KBX) is the global market leader for brakingand other rail and commercial vehicle systems. Knorr-Bremse’s products make a decisive contributionto greater safety and energy efficiency on rail tracks and roads around the world. About 29,000employees at over 100 sites in more than 30 countries use their competence and motivation to satisfycustomers worldwide with products and services. In 2019, Knorr-Bremse’s two divisions togethergenerated revenues of EUR 6.9 billion (IFRS). For more than 115 years the company has been theindustry innovator, driving innovation in mobility and transportation technologies with an edge inconnected system solutions. Knorr-Bremse is one of Germany’s most successful industrial companiesand profits from the key global megatrends: Urbanization, sustainability, digitalization and mobility.

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