Changes in Top Management at Georg Fischer
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Agie Charmilles, LLC
560 Bond St.
Lincolnshire, IL, 60069
Press release date: December 20, 2007
Lincolnshire, Illinois, December 20, 2007 - At the next Annual General Meeting of Georg Fischer AG, Kurt E. Stirnemann will step down as President and Chief Executive Officer, having reached the official age of retirement. He will remain on the Board of Directors. The new Chief Executive Officer will be Yves Serra, currently Head of GF Piping Systems. Pietro Lori, currently Head of the Europe and Emerging Markets Business Unit of GF Piping Systems, will succeed Yves Serra. The members of the future Executive Committee are: Yves Serra, CEO; Ferdinand Stutz, GF Automotive; Pietro Lori, GF Piping Systems; Jürg Krebser, GF AgieCharmilles; Roland Abt, CFO; Ernst Willi, Corporate Development.
Kurt E. Stirnemann, President and Chief Executive Officer (CEO), will step down in 2008 on reaching the retirement age of 65. He will remain a member of the Board of Directors of Georg Fischer AG. Kurt E. Stirnemann was President of AGIE AG in 1996 when the company was acquired by Georg Fischer. He then joined the Executive Committee of GF and was President and CEO of the Agie Charmilles Group until 2003. Kurt E. Stirnemann took over as President and CEO of the Georg Fischer Corporation on 12 March 2003 in a period of difficult economic circumstances. He gave new impetus and a new face to GF, developing it into a successful company that is also attractive for the capital market.
At its meeting on 17 December 2007, the Board of Directors of Georg Fischer AG made the following personnel decisions to take effect as of the Annual General Meeting on 19 March 2008. Kurt E. Stirnemann will be succeeded as CEO by Yves Serra, currently Head of GF Piping Systems. Yves Serra, born in 1953, is a French citizen. He earned his degree in engineering at the Ecole Centrale in Paris and completed a Master of Science at the University of Wisconsin-Madison in the United States. After working in France for 5 years, he held various management positions in Japan for the next 13 years. There he joined the Georg Fischer Corporation in 1992 as President of the former Charmilles Technologies (Japan) Ltd. and Regional Head Asia and was promoted in 1998 to head the entire Charmilles Business Unit. In 2003 Yves Serra was appointed to the Executive Committee of GF and became Head of GF Piping Systems, which under his management returned high growth-rates and good profitability.
The Board of Directors has appointed Pietro Lori, currently Head of the Europe and Emerging Markets Business Unit of GF Piping Systems, as the new Head of GF Piping Systems and a member of the Executive Committee. Pietro Lori, born in 1956, is an Italian citizen. He took his degree in engineering at the Politecnico di Milano in 1981 and worked in the United States from 1984 to 1988. In 1988, he joined GF Piping Systems in Italy, whose Managing Director he became in 1994. In 1999 he was given responsibility for the Europe South Sales Region. In 2002 Pietro Lori was appointed Head of the Building Technology Business Unit and in 2003 took over responsibility for the entire Europe and Emerging Markets sales region of GF Piping Systems, successfully implementing its ambitious growth strategy. The Board of Directors and Executive Committee of Georg Fischer AG are confident that the new appointments of internationally tested, internal people to key management posts at the head of the Corporation is an excellent, long-term solution which fully satisfies the high demands of such positions and will keep Georg Fischer on its profitable growth course.
As of 19 March 2008, the Executive Committee of Georg Fischer will consist of the following members: Dipl. Ing. Yves Serra, CEO (born 1953, member of the Executive Committee since 2003); Dipl. Ing. Ferdinand Stutz, GF Automotive (1957, since 1998); Dr. Pietro Lori, GF Piping Systems (1956, new); Dr. Jürg Krebser, GF AgieCharmilles (1948, since 1994); Dr. Roland Abt, CFO (1957, since 2004); Dr. Ernst Willi, Corporate Development (1946, since 1995).
About Agie Charmilles Agie Charmilles is the North American leading supplier of wire EDM, CNC and manual diesinking systems and high speed/performance and 5-axis CNC milling machines. For more information on the company's products and services, contact Gisbert Ledvon, Agie Charmilles, 560 Bond St., Lincolnshire, IL 60069-4224, Tel: 1-800-CTC-1EDM. Gisbert.Ledvon@AgieCharmilles.us, Fax: 847-913-5340, or visit http://www.gfac.com/us.