Successful rescue: Hans-Joachim Ziems departs Leoni
Highly renowned restructuring expert leaves as planned
As CRO, Ziems, together with his team, has made a crucial contribution over the past few months to agreeing a restructuring plan on Leoni’s behalf with its lenders that returns the Company to financial stability. With Stefan Pierer, Leoni receives a strong, strategic partner, will be substantially deleveraged and provided with fresh liquidity. The Nuremberg restructuring court confirmed the corresponding restructuring plan under the German Corporate Stabilisation and Restructuring Act (Unternehmensstabilisierungs- und restrukturierungsgesetz – ‘StaRUG’) on 21 June 2023.
“Hans-Joachim Ziems enjoys an excellent reputation as a restructuring expert, and deservedly so. It is thanks not least to his many years of experience and his expertise that Leoni can switch from crisis mode to normal operation,” Leoni’s Supervisory Board Chairman Klaus Rinnerberger said. “The company will be able to continue its operational recovery in the years ahead.” He had served the company with merit, Rinnerberger added. “We thank Mr Ziems for that and wish him all the best for the years ahead.”
Ziems had taken on the role of CRO, which was established specifically for him, on 10 January 2023. Since 1 April, he had simultaneously been the Speaker of the Executive Board.
CEO designate Klaus Rinnerberger – as announced on 3 April – moves from the Supervisory Board to the Executive Board as soon as merger control clearance has been obtained. This is expected to happen in a timely manner.