Changeover at aap Implantate AG: Bruke Seyoum Alemu appointed as new CEO
Ongoing transformation to a leading trauma company keeping management continuity
With the receipt of the final purchase price instalment of EUR 6 million as well as with today's notarial acknowledgment, aap has successfully completed its previously announced sale of its Dutch subsidiary, EMCM B.V. Following the sale of EMCM, aap has accomplished a further milestone in its transformation to become a leading and focused trauma company. In view of the above, the Supervisory Board and the Management Board have agreed to reduce the size of aap's Management Board from three to two members. Current CEO Biense Visser and the Supervisory Board have agreed to terminate Mr. Visser's Management Board contract prematurely as of May 31st, 2014.
Chairman of the Supervisory Board, Mr. Rubino di Girolamo, commented: "Under the leadership of Mr. Visser during the last 5 years, aap has been transformed into a focused trauma company with a solid financial position. The reduction of aap's management board reflects the reduced complexity and the increased transparency of aap's core activities and competencies: structure follows strategy. Further actions to reduce overheads have been identified and will be implemented this year. Based on his long standing experience with aap, Mr. Bruke Seyoum Alemu is well positioned to lead the company into its' next growth phase."
Mr. Visser commented: "Bruke has demonstrated focus in executing on the key initiatives since becoming Chief Operating Officer in December 2008. Our flagship in trauma activities, LOQTEQ®, has been developed and launched under his leadership. In addition, Bruke has been leading our profitable Center of Excellence for bone cements. That expertise, combined with his industry experience of more than 15 years, qualifies Bruke well to lead the company to an even greater success."
To maintain continuity, Mr. Visser is prepared to serve on aap Implantate AG's Supervisory Board provided that the necessary legal requirements are fulfilled. The company assumes that its majority shareholders will support Mr. Visser's move to the Supervisory Board and nominate him accordingly on the occasion of the upcoming annual shareholders meeting.
Mr. Alemu commented: "I am honoured and excited to have the opportunity to lead aap and fully committed to aap's strategic direction. I look forward to working with my board colleague, Marek, and with the aap team to continue to advance the company as a European based leading trauma company. Under Biense's strong leadership, aap has been successfully transformed from a diversified to a focused MedTech company with a profitable growth track record and a strong balance sheet. Anticipating his election to the Supervisory Board, the two of us will be working closely together to facilitate the next growth phase of aap. I am absolutely convinced that our talented team will continue to execute our strategic plan successfully and deliver strong results for the benefit of our customers and shareholders."
Starting from the above mentioned effective date and as members of the Management Board of aap Implantate AG, Mr. Alemu will be in charge of Product Development, Sales and Marketing, Supply Chain and Business Development. Mr. Hahn, 39, as Chief Financial Officer (CFO), will be in charge of Finance, Legal Affairs, Investor & Public Relations, Human Resources, IT, and Administration.
Chairman of the Supervisory Board, Mr. Rubino di Girolamo said: "During his diverse management positions at aap Mr. Alemu has won the confidence of employees, customers and the Board. We are excited about aap's future under Mr. Alemu and believe our shareholders and all stakeholders will benefit from his leadership." Mr. di Girolamo continued: "On behalf of the entire Board, I would like to thank Mr. Visser for his great contributions to aap. In particular we are grateful for his strong leadership as CEO of transformation over the last five years. We sincerely appreciate his willingness to be available as a Supervisory Board member and help the company to maintain management continuity and grow aap to the next level.
This release may contain forward-looking statements based on current experience, estimates and projections of the management board and currently available information. They are not guarantees of future performance. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. Many factors could cause the actual results, performance or achievements of aap to be materially different from those that may be expressed or implied by such statements. These factors include those discussed in aap's public reports. Forward-looking statements therefore speak only as of the date they are made. aap does not assume any obligation to update the forward-looking statements contained in this release or to conform them to future events or developments.
aap Implantate AG
aap is a global medical device company headquartered in Berlin, Germany that develops, manufactures and markets innovative biomaterials and implants that are used in orthopedic procedures. The Company's products, which include a full line of plating systems, cannulated screws and bone cement products, are primarily used in the orthopedic specialty areas of trauma and spine repair. The Company's products are sold through its direct sales force, distribution partners and license agreements with OEM partners. aap's stock is listed in the Prime Standard segment of the Frankfurt Stock Exchange. For more information, please visit www.aap.de, or download the Company's investor relations app from the Apple's App Store or Google Play.