Rheinmetall Executive Board: The supervisory board of the Düsseldorf-based technology group has extended the contract of executive board Chairman Armin Papperger by five years to 31 December 2026.
“Rheinmetall AG remains under tried-and-tested leadership,” the German defence technology giant said on Thursday.
Papperger has held this post since January 2013. Helmut P. Merch, the group’s Chief Financial Officer (CFO), has been confirmed in office through to the end of 2022.
Since January 1, 2017, the Rheinmetall AG executive board has also included Peter Sebastian Krause, responsible for human resources. In 2019 the supervisory board extended Mr Krause’s contract through to 31 December 2024.
According to the statement, the decision to keep its executive board unchanged, the company is signalling continuity in a time of transformation.
During the course of its recently launched strategic reorganization into an integrated technology group, the intermediate holding company Automotive has been dissolved and a new leadership structure put in place, said the Dusseldorf based defence technology giant.
“The executive board will continue to run directly the group’s five divisions – Weapon and Ammunition, Electronic Solutions, Vehicle Systems, Sensors and Actuators, and Materials and Trade – in order to assure faster implementation of decisions as well as the desired transfer of technology between all units,” Rheinmetall said in a statement sent to Defence Star.
Coupled with a steady improvement in profitability, Rheinmetall said, it will be focusing on areas of business with strong potential for sustained value addition.
The company is also looking for a buyer the group’s pistons operations, which are no longer being run as a core business.