Leoni AG rescues operative business
The survival of the ailing automotive supplier Leoni AG (Nuremberg, Germany) seems to be secured for the time being. Following the entry of a new investor, the company is being restructured and delisted from the stock exchange. A new CEO is also in sight.
As already reported at the end of last week, the cable and wiring harness manufacturer Leoni will be taken off the stock exchange; shareholders will be pushed out. Austrian industrialist Stefan Pierer is providing the company with fresh capital and will take over 100 percent of the company after the delisting. In order to relieve the international 100,000 employees company of debt and avoid insolvency, the creditors also had to make substantial cuts and reduce their claims by € 708 million. However, according to Chief Restructuring Officer (CRO) Hans-Joachim Ziems, this opens up a path at the end of which Leoni will once again stand on a more solid foundation.
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Ziems makes a point of stating that only Leoni AG is affected by the measures, and not its subsidiaries, suppliers, customers or employees. “The envisaged concept secures Leoni’s financing for the coming years and enables future refinancing,” Ziems said. “These measures are the necessary liberating blow to put Leoni back on a stable foundation. We are and will remain a reliable innovation partner for the automotive industry on its journey towards more sustainable mobility concepts.”
At the same time, the company announced the successor for the previous CEO Aldo Kamper, who surprisingly asked for his resignation at the end of January and left the company on 31 March. Accordingly, Klaus Rinnerberger will now follow in Kamper’s footsteps. According to the supervisory board in a press release, Rinnerberger has many years of management experience in the automotive supply industry, combined with extensive restructuring expertise. For example, he helped to shape the growth of the Magna Group over the years – consistently in board functions (CFO, CRO, CEO) – and successively restructured the automotive suppliers Polytec AG and Peguform (now SMP). Rinnerberger has been a member of the board of Pierer Industrie AG since 2010. The native Austrian has been on the supervisory board of Leoni AG since May 2021 and has been its chairman since May 2022.
It was not disclosed when Rinnerberger will take office as CEO.
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