The Supervisory Board of KraussMaffei Group has announced a management reshuffle.
The previous Chairman of the Supervisory Board, Chi Zhang, has been appointed as the new CEO, with effect from Jan. 10, 2024. The previous CEO, Yong Li, will take on the newly created position of Chief Administrative Officer. His responsibilities will include corporate HR, IT, and audit. Li had been appointed as CEO only a year prior, on Jan. 1, 2023.
"The past year has been very challenging, but with the strong commitment and dedicated efforts of our team we have made some good progress,” Li said. “There is still a lot to be done to reach our target and we will keep moving forward. I will continue to give my best to KraussMaffei and I am looking forward to working with the expanded Management Board under the leadership of Chi Zhang."
At Fakuma 2023, KraussMaffei spoke with Sustainable Plastics about the bleakness of the current economic situation and the difficulties the industry has been facing over the past few years.
The new CEO Chi Zhang has been with Sinochem, KraussMaffei’s main shareholder, for more than two decades in a variety of executive, operational, and project-related management positions. Since the end of 2022, he has been the Chairman of China National Chemical Equipment Company (CNCE), a Sinochem Holdings company and owner of the KraussMaffei Group.
"With our new, further strengthened management team, the support of our main shareholder Sinochem and the many committed and highly competent colleagues in Germany and around the world, we have the best prerequisites to put KraussMaffei back on the road to success," said Zhang.
Other management additions include Shihao Yang from the top management of Sinochem, who will head the Supervisory Board. The change will be accompanied by a significant strengthening of the KraussMaffei Group's Management Board, which will be increased to three members. Jörg Bremer remains a member of the Management Board as Chief Financial Officer.