Stabilus CEO Dietmar Siemssen leaves post at short notice

  • Push-out Score suggests push-out forces
  • After about seven years in the position
  • Accolades, praise, thanks and good wishes for Siemssen
  • Stephan Kessel taking over in the interim
  • Search for a successor

(Correction: An earlier version of this article incorrectly said that Dietmar Siemssen leaves his post as CEO of Stabilus after about four years in the role. This version has been corrected.)

(exechange) — Luxembourg City, Luxembourg/Koblenz, Germany, July 9, 2018 — Dietmar Siemssen, chief executive of Stabilus, leaves the position. It is a change at short notice. As announced by Stabilus S.A. in a news release on Monday, July 9, 2018, Dietmar Siemssen leaves his post as Chief Executive Officer at the maker of gas springs after about seven years in the role, effective August 1, 2018.

Siemssen’s move comes five months after Stephan Josef Maria Kessel took over as Chairman of Stabilus S.A.

Siemssen leaves the company effective at the end of the 2018 business year (September 30, 2018).

Stabilus will undertake a search for a successor.

Siemssen’s duties will be taken over in the interim by Stephan Kessel, currently Supervisory Board Chairman of Stabilus S.A.

“To pursue new challenges”

Siemssen’s imminent departure from the CEO post is explained as follows. Stabilus said: “Dietmar Siemssen has now chosen to pursue new challenges.”

The phrase “to pursue new challenges” opens the door to speculation.

Precise information about Siemssen’s future plans was not immediately available.

Alarm signal

Generally speaking, it is often an alarm signal for stockholders when a CEO leaves the position at short notice and without comprehensible reasons being given.

“Step down”

Stabilus said: “The Supervisory Board of Stabilus S.A. …, one of the world’s leading suppliers of gas springs, damping solutions and electromechanical drives for motion control, on Monday evening agreed to the request of Chief Executive Dietmar Siemssen … to step down from his position as CEO [sic!] of Stabilus S.A. at the end of the 2018 business year.”

Share price decline

The change follows a decline in the share price of Stabilus S.A. since June 14, 2018.

Chaired by Stephan Kessel

Stabilus S.A. is chaired by Stephan Kessel.

Kessel has been Chairman of the Supervisory Board at Stabilus S.A. since February 14, 2018.

Kessel serves as a member of the Supervisory Board since 2014 and as the Chairman of the Supervisory Board since 2018. He was Chief Executive of Continental AG until 2002.

In the position of CEO since 2011

Dietmar Siemssen is the Chief Executive Officer and a managing director of Stabilus GmbH as well as the chairman of the Company’s Management Board.

With more than 20 years of experience in the automotive industry, Siemssen joined Stabilus in 2011 following a 19-year career in various management positions at Continental AG, where he was responsible for Continental Automotive Corporation (CAC), a joint venture between Continental and Nisshinbo headquartered in Yokohama, Japan.

He was also a Board Member of the Continental Chassis & Safety Division responsible for the Asia region.

Starting 2009, Siemssen was also responsible for the overall business activities of Continental in Japan.

He began his professional career in 1994 in various positions in Industrial Engineering and Logistics at ITT Automotive Europe— which was acquired by Continental in the late 1990s.

He holds a degree in mechanical engineering and business administration.

Siemssen was appointed as CEO of Stabilus GmbH effective June 1, 2011.

Unplanned

As a general rule, when a top leader announces to step aside with no permanent successor in place, it is a signal that the change was unplanned and too early.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Dietmar Siemssen’s imminent move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.

Read the full story in the exechange report 29.2018 ($).