Lukas Braunschweiler has decided to step down as CEO of RUAG Holding AG as of 31 October 2011 after some two years in the post. RUAG's Board of Directors regrets his decision.
Lukas Braunschweiler is to become the new CEO of Sonova Holding AG, which supplies hearing systems and solutions. His successor will inherit a group of companies that is in sound shape. Konrad Peter, Chairman of the Board of Directors of RUAG Holding AG, will take on the role of Executive Chairman and continue to manage the Group from 1 November 2011 until such time as Lukas Braunschweiler's successor starts work. The process of finding a successor has begun.
Lukas Braunschweiler has systematically driven forward implementation of RUAG's strategy of focusing on its profitable core businesses in aerospace and defense, minimizing risks and successfully initiating turnaround processes by applying clear strategic and financial rules. This has given rise to enhanced transparency, which each division was able to convey for the first time in the 2010 Annual Report. Substantial changes have been made specifically through the formation of the Space, Aviation and Defense divisions as well as in Aerostructures and Business Aviation.
Four of RUAG's five divisions are now profitable, and the Group bounced back comfortably into the black in 2010 after posting a negative financial result in 2009.
RUAG's Board of Directors would like to thank Lukas Braunschweiler on behalf of itself, the Executive Board and the workforce for the tremendous commitment he has shown as CEO of RUAG Holding AG and for the successes he has achieved. The Board's members offer him their sincere good wishes for his future career and all other endeavors.
The process of finding a successor has begun. Konrad Peter, Chairman of the Board of Directors of the RUAG Group, will take on the role of Executive Chairman of RUAG Holding AG from 1 November 2011 until such time as Lukas Braunschweiler's successor starts work.