Knorr-Bremse CEO Eulitz quits

Bernd Eulitz, Chairman of the Executive Board of Knorr-Bremse AG, has resigned in 'mutual agreement with effect from August 31, 2020 from the company'. The resignation follows disagreements on strategy at the Supervisory Board.

Sam Duke August 13, 2020

Bernd Eulitz, Chairman of the Executive Board of Knorr-Bremse AG, has resigned in ‘mutual agreement with effect from August 31, 2020 from the company’. The resignation follows disagreements on strategy at the Supervisory Board.

This was decided unanimously by the Supervisory Board in its meeting. The Supervisory Board has initiated the search for a successor. The Supervisory Board asked the remaining members of the Executive Board, Dr. Peter Laier, Frank Markus Weber and Dr. Jürgen Wilder, to take over the responsibilities of Mr. Eulitz for the transitional period.

Mr. Eulitz leaves the company after only ten months. The reason for the resignation is due to ‘profound differences of opinion against leadership and the active shaping of strategic corporate development’. This, the company said, has also led to a growing strain on the relationship between Mr. Eulitz and the Chairman of the Supervisory Board and made it impossible to continue the cooperation.

Knorr-Bremse said the departure of Mr. Eulitz has ‘no connection with the performance and successful corporate development of Knorr-Bremse AG’. On July 16, 2020, the company already announced that it would be able to finish the second quarter of 2020 exceeding capital market estimates. It said the outlook for fiscal year 2020 also underpins the positive business development of the company despite the effects of the COVID-19 pandemic.

Prof. Dr. Klaus Mangold, Chairman of the Supervisory Board of Knorr-Bremse AG said: “We are now looking for an entrepreneurial personality who will continue to lead successfully Knorr-Bremse with its convincing corporate strategy and above average performance together with the other board members. We expect the initiated talks about the succession to be concluded in the coming weeks.”

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