Home / Knowledge / News / Textiles / Rieter elects Chairman Erwin Stoller as Executive Chairman
Rieter elects Chairman Erwin Stoller as Executive Chairman
04
Aug '09
Erwin Stoller
Erwin Stoller
The Board of Directors of Rieter Holding Ltd. (Winterthur, Switzerland) has elected its Chairman Erwin Stoller as Executive Chairman. The heads of both operating divisions of Rieter, Textile Systems and Automotive Systems, and the head of the Corporate Center will report directly to Erwin Stoller.

In order to safeguard the principles of good corporate governance, This E. Schneider, Vice-Chairman of the Board, has been elected Lead Director. Hartmut Reuter, CEO of Rieter, will leave the company. The new organization takes immediate effect.

With this move, Rieter's Board of Directors is assuming greater responsibility at the operating level in a very difficult business environment and thus shortens the decision-making process. As a consequence of the financial and economic crisis the Rieter Group is having to cope with a slump of unprecedented proportions. As already announced in the spring of 2009, Rieter will report a significant operating loss in the current financial year.

On the basis of current information, Rieter will post a decline of some 50% in sales for the first six months of 2009 compared with the same period of the previous year and correspondingly a net loss of some 150 million CHF. Rieter will publish its final half-year figures on August 12, 2009.

The Board of Directors expects the market environment to remain difficult for the next two years. The extensive restructuring measures initiated in 2008 call for further vigorous efforts. Rieter's Board of Directors is confident of achieving a turnaround in 2010 and reporting positive operating results in 2011.

Hartmut Reuter has been a member of Rieter's Group Executive Committee since 1997 and Group CEO since 2002. The Board conveys its thanks to Hartmut Reuter for his good work and wishes him all the best for the future.

Rieter Holding Ltd.


Must ReadView All

Textiles | On 24th Jun 2017

Applied DNA to tag cotton for 2017/18 US ginning season

Applied DNA, provider of DNA-based supply chain security,...

Apparel/Garments | On 24th Jun 2017

NPD Group launches Trend Tracker for apparel trends

Global information company the NPD Group has launched Trend Tracker,...

Textiles | On 24th Jun 2017

Cotton USA’s first innovation competition in UK ends

Cotton USA has announced the successful close to its first innovation ...

Interviews View All

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search