FRANKFURT, GERMANY: Evonik Industries's current chief strategic officer, Christian Kullmann will take over as the company’s new CEO in May, succeeding current chief executive officer (CEO) Klaus Engel, who is stepping down early.
Evonik said that the departure of 60-year-old Engel, highlighted by Reuters was amicable but did not provide details on why he was leaving.
Kullmann (47) joined the management board of Evonik in 2014 and became deputy CEO in May 2016, announcing his ascension to the top job. He was involved in key takeovers, including Evonik's $630 million purchase of J M Huber Corp’s silica unit in December, sources said.
He will be replaced as deputy CEO by Harald Schwager, currently responsible for chemistry and innovation, effective from 1 September, Evonik said.
Chief operating officer Ralph Sven Kaufmann is also stepping down early and will not be replaced, Evonik said, shrinking its management board to four members. It said it expected its supervisory board to take a final decision on the management reshuffle on 1 March.
© Reuters News
Read More: Evonik current strategy chief to be next CEO: Sources
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