MAN Ferrostaal: Changes in the Supervisory and Executive Board

(PresseBox) ( Essen, )
In the context of the new shareholder structure of MAN Ferrostaal AG, there are changes in the Supervisory and Executive Board of the company. Rainer Wieltsch, former Member of the Board of the Austrian Industrial Holding ÖIAG and Chairman of the Supervisory Board of OMV AG, has been appointed chairman of the Supervisory Board. In his former Supervisory Board functions, Wieltsch has worked for many years with IPIC, the majority owner of MAN Ferrostaal. Alyazia Ali Al Kuwaiti, portfolio manager of IPIC, is Deputy Chairman. The other members of the Supervisory Board are Håkan Samuelsson, Chairman of MAN AG, Prof. Dr. h.c. Karlheinz Hornung, Member of the Executive Board of MAN AG for Finances, Georg F. Thoma, partner in the international law firm Shearman&Sterling as well as Jürgen Chrobog, Chairman of the BMW Foundation Herbert Quandt. The Supervisory Board members elected by the workforce are Jürgen Hahn, Stefan Breuer and Ingetraud Gudzian.

In its constituent meeting on March 26, 2009, the new Supervisory Board appointed Joachim Ludwig deputy Member of the Executive Board. As Chief Operating Officer (COO) he will assume responsibility for the business segment Service Platform and the commercial functions Information Technology and Portfolio Management.

Temporarily, Ludwig will also assume responsibility for the Executive Board function "finances" which includes Controlling, Treasury, Financing, Accounting, Taxes, Insurances and Internal Auditing. In this function, he succeeds Michael Beck who has left the company upon his own request.

Ludwig has joined MAN Ferrostaal in July 2007. Since then, he was responsible for the piping supply business, later for the Service Platform business segment. On behalf of the Executive Board, he managed the process for the change of ownership of the company.

"Joachim Ludwig is an experienced manager who has successfully led important operative and commercial functions in the past," said Dr. Matthias Mitscherlich, CEO of MAN Ferrostaal.

Joachim Ludwig (43) studied economics in Mainz and started his professional career as an accountant at Hottiger Baldwin Messtechnik GmbH in Darmstadt in 1984. In 1990 he joined Carl Schenck AG in Darmstadt working for 12 years in various functions including Controlling of International Shareholdings, Strategic Group Controlling, head of accounting and head of finances. Between 2002 and 2004 he was CFO of Schenck Pegasus GmbH. In 2004 he was appointed member of the board of Pharmaplan GmbH, and managing director in 2006.
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