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Change-over of CEAG AG Board of Directors
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| 09/17/2008 |
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| Change-over of CEAG AG Board of Directors |
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Felix Zimmermann to become sole CEO of power supply and charger manufacturer
Long-term Chairman and CEO Rolf Endress and CFO Frank Gumbinger leave the company by mutual consent
Change due to new size and focus of CEAG
Ostbevern, September 17, 2008
- Today the Supervisory Board of CEAG AG has agreed in his regular meeting to reorganize the company\\\'s board of directors. Effective forthwith, Felix Zimmermann (56) has been appointed CEO of the manufacturer of premium power supplies and chargers of the trade mark FRIWO.
The current chairman of the board and CEO Rolf Endreß (61), will resign amicably on September 18th, 2008. Frank Gumbinger (39), CFO, will also leave CEAG by mutual consent on December 31, 2008. Felix Zimmermann will become the sole CEO of the company.
The Supervisory Board's decisions meet the requirements of the distinctly smaller business volume and revised strategic focus of the CEAG Group. In May 2008 the business unit FRIWO Mobile Power, which served the high-volume mobile phone business, was sold (230 mill. EUR revenue). If possible, the company intends to suggest to the next shareholders' meeting another dividend payout from the remaining liquidity of this business unit's sale after a dividend of 4,0 euros per share had already been paid for the business year 2007.
Ever since this sale CEAG has been focussing exclusively on the R&D, production and sale of premium FRIWO power supplies and chargers for various applications, for example for household and medical appliances or for power tools (business unit FRIWO Power Solutions – FPS). The restructuring of the company group is accompanied by leadership streamlining.
Since January 1, 2003, Felix Zimmermann has been Managing Director of the business unit FPS, and he will now also accept the tasks of a CEO. Before he joined FPS, the graduate business manager and electrical engineer was Managing Director of Aspro Power Supplies from 1996 - 2002 which qualifies him as expert for power supplies. Under his leadership FPS revenue more than doubled to 84 mill. EUR (2007) during the past 5 years.
Since 1999 Rolf Endress has been chairman of the Board of Directors. Under his leadership the CEAG Group evolved to a worldwide leading power supply vendor. With the creation of the business units FMP and FPS, and by concentrating the production in China, the expansion of Brazil and the set-up of India, the Group's strategic focus was optimized to meet the requirements of the highly dynamic and globalized target markets. Consequently CEAG became the world's leading supplier for mobile phone power supplies and chargers.
Frank Gumbinger, who was appointed CFO in 2006, significantly enhanced and accelerated the internationalization of CEAG's worldwide administration. He also held primary responsibility for the complex FMP selling process.
Richard Ramsauer, Chairman of the Supervisory Board of CEAG AG: "We are glad to have appointed Mr. Felix Zimmermann as sole CEO of CEAG and are convinced that he will pursue the success story of FRIWO Power Solutions. The new structure meets the requirements of the distinctly smaller business volume and positions CEAG excellently for future growth. CEAG is highly indebted to the resigning CEO Rolf Endress. It is mostly his merit that the Group, as supplier of premium and innovative power supplies and chargers, has emerged sustainably and successfully in intensely competitive markets. The Supervisory Board wishes Rolf Endress and Frank Gumbinger all the best and thanks them both for their commitment to the benefit of our society".
Further information:
CEAG AG
Gudrun Richter
Investor Relations
Tel.: +49 – 2532 – 81 158
eMail: richter@friwo.de
CEAG AG
CEAG AG has its registered office in Bad Homburg, Germany, and its business address in Ostbevern, Westphalia, Germany. It is listed in the General Standard, and is the holding company of the FRIWO subsidiaries.
FRIWO sells customized power supplies and chargers for the four segments of IT and
communications, household appliances and power tools, industrial applications and medical
technology. FRIWO is present in all major world markets, with state-of-the-art development centers, production and sales operations in Europe, Asia and North America. Revenues amounted to EUR 84.3 million in 2007. CEAG AG’s principal shareholder is a subsidiary of VTC Industrieholding GmbH, which holds 82.3% of its capital.
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CEAG AG