The Chief Financial Officer of Knorr-Bremse AG, Ralph Heuwing, is to resign from the Executive Board at his own request with effect from April 30, 2020, in order to pursue new professional perspectives. Mr. Heuwing will accompany the introduction of the new CEO, Bernd Eulitz, who joined Knorr-Bremse on November 1. He has also agreed to remain responsible for the preparation of the annual financial statements for fiscal 2019.
“The Supervisory Board greatly regrets Mr. Heuwing’s decision,” said the Chairman of the Supervisory board of Knorr-Bremse AG, Prof. Klaus Mangold. “With his departure we are losing an assertive CFO with rich experience of the capital markets. We wish to thank Mr. Heuwing for his great commitment to Knorr-Bremse. He has made a major contribution to the continuation of the company’s dynamic growth strategy and to its financial strength. Foremost among his achievements are the successful IPO and the strong positioning of Knorr-Bremse AG in the capital markets.”
“We also wish to thank Mr. Heuwing for the successful coordination of the work of the Executive Board over the past six months,” Prof. Mangold continued, “during which time the Board has implemented important measures designed to streamline the portfolio and safeguard profitability. We wish him every success as he takes his career forward.”
Ralph Heuwing was appointed to the Executive Board of Knorr-Bremse AG on November 1, 2017. He took over as CFO on January 1, 2018. The Supervisory Board of Knorr-Bremse AG has initiated the search for a successor.
DISCLAIMER
This publication has been independently prepared by Knorr-Bremse AG (“Knorr-Bremse”). It may contain forward-looking statements which address key issues such as strategy, future financial results, events, competitive positions and product developments. Such forward-looking statements are subject to a number of risks, uncertainties and other factors, including, but not limited to, those described in Knorr-Bremse’s disclosures. Should one or more of these risks, uncertainties or other factors materialize, or should underlying expectations not occur or should assumptions prove incorrect, the actual results, performances or achievements of Knorr-Bremse may vary materially from those described in the relevant forward-looking statements. Such forward-looking statements may be identified by words such as “expect,” “want,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning. Knorr-Bremse does not intend, nor does it assume any obligation, to update or revise its forward-looking statements regularly in light of developments which differ from those anticipated.
This publication may include supplemental financial measures—not clearly defined in the applicable financial reporting framework—that are or may be alternative performance measures (non-GAAP measures). Knorr-Bremse’s financial position, financial performance and cash flows should not be assessed solely on the basis of these alternative supplemental financial measures. Under no circumstances do they replace the performance indicators presented in the consolidated financial statements and calculated in accordance with the applicable financial reporting framework. The calculation by other companies that report or describe similarly titled alternative performance measures may vary despite the use of the same or similar terminology.
“The Supervisory Board greatly regrets Mr. Heuwing’s decision,” said the Chairman of the Supervisory board of Knorr-Bremse AG, Prof. Klaus Mangold. “With his departure we are losing an assertive CFO with rich experience of the capital markets. We wish to thank Mr. Heuwing for his great commitment to Knorr-Bremse. He has made a major contribution to the continuation of the company’s dynamic growth strategy and to its financial strength. Foremost among his achievements are the successful IPO and the strong positioning of Knorr-Bremse AG in the capital markets.”
“We also wish to thank Mr. Heuwing for the successful coordination of the work of the Executive Board over the past six months,” Prof. Mangold continued, “during which time the Board has implemented important measures designed to streamline the portfolio and safeguard profitability. We wish him every success as he takes his career forward.”
Ralph Heuwing was appointed to the Executive Board of Knorr-Bremse AG on November 1, 2017. He took over as CFO on January 1, 2018. The Supervisory Board of Knorr-Bremse AG has initiated the search for a successor.
DISCLAIMER
This publication has been independently prepared by Knorr-Bremse AG (“Knorr-Bremse”). It may contain forward-looking statements which address key issues such as strategy, future financial results, events, competitive positions and product developments. Such forward-looking statements are subject to a number of risks, uncertainties and other factors, including, but not limited to, those described in Knorr-Bremse’s disclosures. Should one or more of these risks, uncertainties or other factors materialize, or should underlying expectations not occur or should assumptions prove incorrect, the actual results, performances or achievements of Knorr-Bremse may vary materially from those described in the relevant forward-looking statements. Such forward-looking statements may be identified by words such as “expect,” “want,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning. Knorr-Bremse does not intend, nor does it assume any obligation, to update or revise its forward-looking statements regularly in light of developments which differ from those anticipated.
This publication may include supplemental financial measures—not clearly defined in the applicable financial reporting framework—that are or may be alternative performance measures (non-GAAP measures). Knorr-Bremse’s financial position, financial performance and cash flows should not be assessed solely on the basis of these alternative supplemental financial measures. Under no circumstances do they replace the performance indicators presented in the consolidated financial statements and calculated in accordance with the applicable financial reporting framework. The calculation by other companies that report or describe similarly titled alternative performance measures may vary despite the use of the same or similar terminology.
