Sulzer CFO Thomas Dittrich leaves for Shire

  • Push-out Score suggests push-out forces
  • After about three years and a half in the position
  • Praise, thanks, words of regret and good wishes for Dittrich
  • Jill Lee taking over

(exechange) — Winterthur, Switzerland, November 20, 2017 — Thomas Dittrich, finance chief of Sulzer, leaves. As announced by Sulzer Ltd in a news release on Monday, November 20, 2017, Thomas J. W. Dittrich leaves the post as Chief Financial Officer at the Swiss industrial engineering and manufacturing firm after about three years and a half in the position.

Dittrich will remain with Sulzer until March 2018 and will close out the accounts and take part in the 2017 financial results announcement scheduled for February 28, 2018.

Dittrich’s duties are taken over by Jill Lee, currently Group Senior Vice President and Head of Next Level Program Management at ABB Ltd.

Already a director

Lee is already a director of Sulzer. Directors-turned-executives represent a blend of outsider and insider.

They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.

Having been a director, Lee understands the expectations and dynamics of the board and has knowledge of Sulzer’s organization, risk-management practices and strategy.

Career change

Dittrich’s departure from the post of CFO is explained as follows. Sulzer said: Thomas Dittrich “has decided to leave Sulzer for a professional opportunity which will be announced later today”.

Dittrich will be CFO at Shire

Shire announced that Thomas Dittrich will join the company as Chief Financial Officer, and become an Executive member of the Board of Directors and a member of the Executive Committee.

“Thomas will assume his roles at Shire in early 2018 following a transition period from his current employer,” Shire plc said.

Shire plc announced the move on Monday, November 20, 2017.

Shire is a biotechnology company.

Share price decline

The change follows a decline in the share price of Sulzer Ltd since July 2013.

Chaired by Peter Löscher

Sulzer Ltd is chaired by Peter Löscher.

Peter Löscher joined the Sulzer Board of Directors and was appointed Chairman of the Board of Directors in 2014.

CEO: Gregoire Poux-Guillaume

Gregoire Poux-Guillaume serves as CEO of Sulzer Ltd. Gregoire Poux-Guillaume joined the Sulzer Executive Committee as Chief Executive Officer in 2015.

In the position of CFO since 2014

Thomas J. W. Dittrich has been the Chief Financial Officer at Sulzer, Ltd., since August 2, 2014 and Member of the Executive Committee since 2014.

Thomas Dittrich joined the Sulzer Executive Committee as CFO in 2014.

Previously, he served as Vice President Finance Corporate Planning and Controlling and Chief Accounting Officer of Amgen Inc. in the USA (2010 to 2014).

Prior to that, he was Vice President Finance and CFO of Amgen International headquartered in Switzerland (2006 to 2010).

From 1998 to 2006, he held various Finance Director and General Manager roles of increasing scope and responsibility at Dell Inc. in Europe, Middle East, and Africa.

He was also Head of Business Development and Finance Director of the Swatch Group AG in Switzerland (1997 to 1998), Senior Associate of Booz & Co. in Germany (1992 to 1996), as well as Associate of Helbling Management Consulting AG in Switzerland (1991 to 1992).

He holds a Master of Science in Finance, Accounting, and Business Administration from University of St. Gallen, Switzerland, and a Master of Science in Mechanical Engineering (Dipl. Ing. Univ.) from Technical University Munich, Germany.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Thomas Dittrich’s move.

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

Read the full story in the exechange report 48.2017 ($).