VIENNA—Martin Fuellenbach has prematurely resigned as Semperit Holding A.G. CEO "in order to pursue a new professional challenge," the Austrian group said Sept. 29.
Fuellenbach, who took the helm of the company in 2017, steered it through a massive reorganization that ultimately helped to stabilize the overall financial well-being of the firm, delivering 14 consecutive quarters of increased profitability in the process.
Earlier this year, Semperit positioned itself for further growth, this time through mergers and acquisitions.
"Martin Fuellenbach has transformed Semperit into a successful group in the past four and a half years," Herbert Ortner, chairman of the Semperit's Supervisory Board, said in a statement. "We greatly regret his departure but must respect his personal motives and wish him all the best for his professional and private future."
Petra Preining, who was named chief financial officer in May for a one-year period, was confirmed in her function and has been given an executive board contract that runs until Dec. 31, 2024. The executive board mandate of chief operating officer Kristian Brok also was extended early, until Dec. 31, 2025.
Preining and Brok will take over CEO responsibilities on an interim basis until the position is filled, Semperit said.
"This will ensure the continuation of our course, stability and further focus the attention on the industrial sector," Ortner said. "The Semperit Group is well equipped for the next stage of the transformation process and the challenges related to it."
Ortner described Preining and Brok as "two very experienced members of the executive board with close ties to the company."
In a statement released through the company, Fuellenbach thanked the Semperit leadership and employees who supported him "and made our corporate transformation possible."
"I look back on a time that was as exciting as it was challenging in a great Austrian company with a long tradition that has undergone a tremendous transformation and is now healthy and profitable," Fuellenbach said. "New tasks await me now."