18.06.2008

CEO of Palfinger leaves

Wolfgang Anzengruber chief executive officer of Palfinger is leaving the company for the top position at Verbund, Austria's largest energy supplier.

On May 20th the comapny announced the renewal of his contract, which expires in August, for a further five years.

“We wish Wolfgang Anzengruber every success in his new position," Alexander Exner, the chairman of Palfinger's supervisory board. "At the same time, we are sorry that he is leaving as he was a member of a very successful management team."

The decision on the appointment of a new CEO will be made in the near future.

Before Wolfgang Anzengruber became the CEO of Palfinger on 1 September 2003, he was a member of the management board of Salzburg AG.

From 2003 to 2008 Palfinger doubled its revenues through acquisitions and organic growth, quadrupled its EBIT and raised its market capitalisation by 500 percent.

Vertikal Comment

It looks as though Anzengruber's new job might have been an on/off affair, given the announcement less than four weeks ago that he was staying on for a further five years.

Clearly the job at Verbund is a big one, particularly in the current energy climate, it is the sort of job that can propel someone to an entirely different level.

Palfinger will miss him, under his watchful eye, Plafinger has taken some tough decisions that have paid off over the longer term. He has though built up a strong management team around him and leaves the company in good shape.

The challenge now will be selection of his replacement, it needs someone that can appeal to three audiences - the employees, customers/dealers and investors/financial markets.