Mechanical engineering - Contract of Stihl CEO Traub extended until 2029
The chainsaw and garden tool manufacturer Stihl has extended the contract with its CEO Michael Traub until 2029. The 55-year-old took the helm at Stihl in February 2022. "Mr. Traub is an excellent CEO and, as usual, had a three-year contract, which we have now extended by five years - i.e. until 2029," Stihl Advisory Board Chairman Nikolas Stihl told the "Stuttgarter Zeitung" and the "Stuttgarter Nachrichten" (Friday).
Family entrepreneur Stihl is not blaming the manager for the fact that sales will fall in 2023 for the first time in years. "External circumstances play a role here, and they affect all companies that had large increases in the coronavirus era," said Stihl. The decline in sales is in the low single-digit range.
"Nevertheless, 2023 was a successful year for us, as we were able to increase our market share." The result was slightly lower. For the coming year, however, Stihl is expecting growth in the region of five percent. In the 2022 financial year, Stihl achieved record sales of 5.5 billion euros, which corresponds to growth of 8.6 percent.
In the first months of 2024, short-time work is still expected, Stihl continued. "This will affect us worldwide, but more in the magnesium die-casting plant in Weinsheim than in Waiblingen." He is concerned that Germany is losing competitiveness and is at the bottom of location rankings. "Even Switzerland is cheaper than Germany," said the family entrepreneur.
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Source: www.stern.de
