GERMANY: GEA Heat Exchangers has announced the departures of CEO Christoph Michel and CFO Michael Andersen by mutual consent.
Christoph Michel left the group holding company at the end of July and Michael Andersen is to leave no later than Q1 2016 to pursue an opportunity outside the group. Michel had been with GEA since 2001, joining from the ABB group. Andersen joined GEA in 1995.
The changes in leadership are said to be as a result of the Group’s reorganisation into three separate segments following the sale of GEA Heat Exchangers to the investor Triton last year, and come ahead of a new brand name and image to be announced shortly.
The separation of the old GEA Heat Exchangers business has now been completed and the respective operations are led by three independent management teams: Heat Exchanger Systems, Power Cooling Solutions and Air Treatment.
The heads of these business unit will now take on the leadership of the company, along with the shareholder committee lead by chairman Peter Grosch and, in the interim, Michael Andersen. Christoph Michel will remain an advisor to the group.
Speaking on behalf of all shareholders, Peter Grosch thanked Christoph Michel and Michael Andersen for their work and contribution during the change of ownership and reorganisation.
“The shareholders are especially grateful for the willingness of both to further support the businesses’ development,” he said.
“We will continue to deliver innovative products to our customers and to focus on improving our operational excellence, supported by the necessary resources to do so. Technological leadership and quality and continuity remain the main blocks of our strategy in all three segments.” he added.