Miguel Ángel López Borrego to assume the role of interim CEO of NORMA Group
Time:2023-01-16
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• Supervisory Board member Miguel Ángel López Borrego to assume the role of CEO from January 1, 2023, for a maximum of twelve months
• Current CEO Dr. Michael Schneider to step down from the Management Board at the end of the year as previously announced
• The search for a long-term appointment to the position of CEO proceeding according to plan

Maintal, Germany, November 25, 2022 – The Supervisory Board of NORMA Group SE has decided to appoint Miguel Ángel López Borrego to the position of Chief Executive Officer from January 1, 2023. He shall exercise the function until the position has been permanently filled, at the latest until December 31, 2023. The Supervisory Board continues its search for a permanent successor in the CEO role.

 



Günter Hauptmann, Chairman of the Supervisory Board of NORMA Group, comments: “We are extremely pleased to have tapped Miguel Ángel López Borrego to fill the CEO role during this transitional period, thus ensuring the continuity of the company’s management. He is exceptionally well-positioned to leverage his deep insight into NORMA Group’s business model and the challenges it currently faces, enabling him to guide the company through the current turbulent economic environment in an organized and competent manner.”

Miguel Ángel López Borrego has been a member of the NORMA Group Supervisory Board since March 2021. As CEO of Siemens S.A. in Madrid, he has been heading Siemens’ Spanish operations since 2018. López Borrego can draw on many years of management experience in the automotive industry, in general industrial equipment and in the field of new energy. He was born in Germany in 1965 and holds Spanish citizenship.

During the transition phase pending a long-term appointment to the position of CEO, López Borrego will continue to implement ongoing improvement measures in the company together with his two fellow Management Board members, Dr. Friedrich Klein (COO) and Annette Stieve (CFO). In the meantime, his offices as member of the Supervisory Board shall be suspended.

“We will work together on the Management Board to stabilize profitability, compensate for inflation-driven cost increases and enhance plant productivity,” says Miguel Ángel López Borrego. “With its diversified business model and strong order book, NORMA Group is in an excellent position to take advantage of growth opportunities even in challenging times.”

NORMA Group’s current CEO, Dr. Michael Schneider, will step down from the Management Board of NORMA Group at the end of 2022 by mutual agreement with the Supervisory Board. Dr. Michael Schneider and the Supervisory Board reached a mutual decision back in August not to extend Dr. Schneider’s contract, which expires in mid-2023. The Supervisory Board’s search for a long-term appointment to the position of CEO is proceeding according to plan.

Supervisory Board Chairman Günter Hauptmann would like to thank Dr. Michael Schneider on behalf of the entire Supervisory Board: “We regret Dr. Schneider’s departure and thank him for the excellent cooperation. He has led NORMA Group in difficult times, initiated important digitalization measures and promoted the focus on the growth markets of electromobility and water management. We wish Dr. Schneider all the best for his personal and professional development.”

Dr. Michael Schneider says: “My time at NORMA Group was characterized by upheaval in the industry environment and important internal strategic decisions. With the three strategic business units Water Management, Industry Applications together with Mobility and New Energy, NORMA Group is in an excellent position for future profitable growth. I would like to express my sincere thanks for the trusting cooperation with the Supervisory Board and on the Management Board.”

 

Source: Norma Group

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