VIENNA, Austria—The supervisory board of Semperit A.G. has granted a 3-year contract extension to CEO Martin Fuellenbach. The contract, which was set to expire on Dec. 31, now runs through Dec. 31, 2023.
The move, Semperit in a Sept. 25 statement, will ensure that the company will continue with the reorganization plans it launched last year, and will allow the company to focus on implementing its recently adopted "SemperGrowth200" strategy. The strategy, detailed by Fuellenbach several months ago, is intended "define and create" the group's strategic reorientation in the next five years.
"As the leader of this company, he started an extremely complex restructuring and transformation program and drove it forward successfully, while increasing the profitability of the industry segments significantly," Semperit Chairman Peter Edelmann said.
Fuellenbach joined Semperit in June 2017, having previously served as CEO of Oerlikon Leybold Vakuum in Cologne, a position he had held since 2012.