- Push-out Score determined
- After less than one year in the position
- Responsibilities redistributed
- Search for a successor
(exechange) — Munich, Germany, August 12, 2020 — Bernd Eulitz, chief executive of Knorr-Bremse, leaves — “in mutual agreement.” As announced by Knorr-Bremse AG in a news release on Wednesday, August 12, 2020, Bernd Eulitz, chief executive officer, leaves the manufacturer of braking systems for rail and commercial vehicles after less than one year in the role, effective August 31, 2020.
Knorr-Bremse will undertake a search for a successor.
Following Bernd Eulitz’s departure, the position of Chief Executive Officer will not be filled for the time being. Bernd Eulitz’s responsibilities are being redistributed.
“Profound differences of opinion”
Bernd Eulitz’s departure from the CEO post is explained as follows. Knorr-Bremse said: “Mr. Eulitz leaves the company after only ten months. The reason for the resignation is due to profound differences of opinion against leadership and the active shaping of strategic corporate development. This has also led to a growing strain on the relationship between Mr. Eulitz and the Chairman of the Supervisory Board and made it impossible to continue the cooperation.”
Precise information regarding Bernd Eulitz’s future plans was not immediately available.
“Resigns”
Knorr-Bremse said: “Bernd Eulitz, Chairman of the Executive Board of KnorrBremse AG, resigns in mutual agreement with effect from August 31, 2020 from the company. This was decided unanimously by the Supervisory Board in its meeting today.”
“No connection with the performance”
“The departure of Mr. Eulitz has no connection with the performance and successful corporate development of Knorr-Bremse AG. On July 16, 2020, the company already announced that it would be able to finish the second quarter of 2020 exceeding capital market estimates. The outlook for fiscal year 2020 also underpins the positive business development of the company despite the effects of the COVID-19 pandemic,” Knorr-Bremse said.
Share price increase since November 2019
The announcement follows an increase in Knorr-Bremse AG’s share price of 13% since November 2019.
Chaired by Klaus Mangold
Knorr-Bremse AG is chaired by Klaus Mangold.
From 1995 to 2003, he was member of the Executive Board of DaimlerChrysler AG. Since 2018, Mangold is Chairman of the Supervisory Board of Knorr-Bremse AG.
In the position of CEO since 2019
Bernd Eulitz became CEO of the Company in 2019.
His bio reads as follows:
- Nationality: German
- Birthday: October 22, 1965
- Place of birth: Mannheim
- Marital status: married, two children
Knorr-Bremse AG, Munich, Germany
2019 – Today: Chairman of the Executive Board
Linde Group
2019 – 2019: Member of the Management Commitee, Executive Vice President Americas (Danbury, Connecticut, USA)
2015 – 2019: Member of the Executive Board, Chief Operations Officer EMEA (Munich, Germany)
2011 – 2014: Regional Business Unit Head South & East Asia (Singapore)
2008 – 2011: CEO Pangas AG (Dagmersellen, Switzerland)
2004 – 2008: Head of Sales Region East Germany (Leuna, Germany)
A.T. Kearney GmbH, Duesseldorf, Germany
2000 – 2004: Consultant
Air Liquide Deutschland GmbH, Duesseldorf, Germany
1998 – 2000: Head of Logistics
1997 – 1998: Assistant to the CEO
1996 – 1997: Sales Engineer
MLP Finanzdienstleistungen , Aachen, Germany
1994 – 1995: Consultant.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Knorr-Bremse and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 33.2020 ($).