Dr. Frank Stieler resigned from his office as CEO of KraussMaffei Group GmbH on 31 March 2020 and Dr. Michael Ruf, former COO of the company, has taken over the position effective from 1 April 2020. The COO position will not be taken again, announced the company.
Since 2018 KraussMaffei Group GmbH is part of KraussMaffei Company Limited, a public company listed on the Shanghai Stock Exchange. Dr. Stieler has been CEO of KraussMaffei Group GmbH since July 2015 and of KraussMaffei Company Limited since May 2019.
Under the leadership of Dr. Ruf the company will streamline its organisation. This allows further rationalisation to deal with the challenges from the current complicated and volatile economic situation and the impact from the Corona crisis, said the company. Dr. Ruf added: “We are ready to face such challenges. I enjoyed working with Dr. Frank Stieler thereby creating the concepts for the changes together. I am grateful that he developed the company to this level.“
The Chairman of the Board, Bai Xinping, said: “Dr. Stieler has refocussed and repositioned KraussMaffei as the plastic industry pioneer. He has managed the company to deal with the current challenges. We thank him for his work and wish all the best for his future.“