GEA Names New Chairman Of Executive Board

Stefan Klebert, 53, is now chairman of the executive board of the GEA Group Aktiengesellschaft, a body that he joined in November.

His predecessor, Jürg Oleas, 61, has left the company, as planned, after spending more than 14 years as head of the group. Before joining GEA, Klebert served for eight years as CEO of the board of management at the international industry group Schuler AG. He has also held management positions at various listed companies. He served as managing director of the elevator business at Schindler and as a member of the Industrial Services Board at thyssenkrupp. Stefan Klebert’s appointment to the GEA executive board runs through Dec. 31, 2021.

“I have intensely used the last few weeks to get to know GEA, our technologies and our markets and to talk with a broad range of customers and employees around the world,” Klebert said. “In the process, I have seen just how well positioned GEA is for the future in many industries. But we still have a lot of work to do: We will closely analyze the areas responsible for our lower earnings and take steps to improve the situation. We also have to prepare for a cooling investment climate. Together with the management team, we will carefully evaluate our fundamental position and our internal processes. We have improvement potential in such areas as IT, purchasing and internal responsibilities. My firm goal is to win back the confidence of capital markets by taking systematic action and by creating transparency. I am looking forward to tackling these challenges together with the GEA team.”

GEA said it will announce an initial package of immediate measures during its financial press conference on March 14. An in-depth strategy update that will include designated CFO Marcus A. Ketter will follow.

GEA is a global equipment and process technology company that operates in a wide range of industries, including marine and oil and gas.