Progress-Werk Oberkirch AG: PWO extends contract with CEO Lazzarini ahead of schedule

Progress-Werk Oberkirch AG / Key word(s): Personnel
Progress-Werk Oberkirch AG: PWO extends contract with CEO Lazzarini ahead of schedule

07-Feb-2022 / 10:10 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Oberkirch, February 7, 2022 - Carlo Lazzarini, CEO and Executive Board spokesperson, was appointed as a member of the Progress-Werk Oberkirch AG Executive Board for a period of 3 years from September 1, 2020 in a Supervisory Board resolution dated August 25, 2020 and has been its spokesperson since September 5, 2020.

On the recommendation of the Personnel Committee, the Supervisory Board has today unanimously resolved to appoint Carlo Lazzarini, with his agreement, as a member of the PWO AG's Executive Board for another 5 years with retroactive effect from January 1, 2022 and to also appoint him as Chairman of the Executive Board. The Supervisory Board resolution dated August 25, 2020 was annulled by mutual agreement.

Explaining the reason for this decision, Karl M. Schmidhuber, Chairman of the Supervisory Board, said: "Since September 2020, Carlo Lazzarini has very successfully, consistently and with due care led the PWO Group through the transformation process of the mobility industry, and this in an exceptionally difficult market environment. During this time he created efficient team structures and significantly accelerated the expansion of international sites together with his colleagues on the Executive Board and the Group's managers and employees. Required restructuring actions were initiated and executed swiftly and he also succeeded in growing new business significantly, further consolidating our company's position as a preferred partner of international customers in the mobility industry. Last but not least, the Group achieved a turnaround to profitability in 2021.

The Supervisory Board and Carlo Lazzarini have now agreed ahead of schedule that they wish to continue this successful collaboration in the long term and are delighted to internally and externally send a clear signal of continuity."

The PWO Group is very well positioned in the 3 mobility trends of electrification, safety and comfort and is entirely independent of the internal combustion engine. The company enjoys a strong reputation among its customers, who appreciate its in-depth engineering expertise in environmentally friendly lightweight construction and the performance of its 8 locations on 3 continents.

Progress-Werk Oberkirch AG
The Executive Board

End of ad hoc disclosure


07-Feb-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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