The Supervisory Board of Lenzing AG has appointed Dr. Walter Bickel as a member of the Managing Board and Chief Transformation Officer of Lenzing AG with effect from 15 April 2024 until 31 December 2025.

The experienced manager will strengthen the Lenzing Managing Board and will be responsible for the further development and implementation of the performance program. Lenzing AG’s existing performance program was successfully initiated by the Managing Board in autumn 2023 and focuses on positive free cash flow, strengthened sales and margin growth, and sustainable cost excellence.

The appointment of a separate member of the Managing Board for the performance program underlines its importance for the economic recovery of Lenzing AG and will make a significant contribution to achieving the goals. In addition, this ensures that the existing Managing Board can devote all the necessary resources to its core tasks in sales, operations and finances.

Dr. Walter Bickel is a proven expert in implementing yield increase programs. He has decades of leadership experience in management consulting and in leading positions in industrial companies. As a member of top management, he has successfully supported comprehensive performance programs at companies such as KUKA, Treofan and Syntegon.

Walter Bickel will further advance and accelerate the performance program, which has already made important contributions to improving earnings, and tap into additional performance improvement potential aiming for a significant sustainable increase of Lenzing’s earning power and competitiveness.

Chairman of the Supervisory Board, Cord Prinzhorn commented: “The simultaneity of crisis management and business development requires a well-positioned team that can meet these major challenges. After careful consideration, the Supervisory Board came to the conclusion that expanding the Managing Board is the right step to overcome

the current crisis and the major challenges associated with it. In Walter Bickel we have gained a great and experienced manager and I am very much looking forward to working with him. Together with the strong team around Stephan Sielaff, Walter Bickel will help Lenzing come out of this difficult phase stronger.”

Walter Bickel said: “I am pleased to be able to contribute my experience to Lenzing AG and am convinced that together – the Managing Board and the company’s employees – we will achieve a significant improvement in performance.”

Stephan Sielaff, CEO of Lenzing AG added: “The performance program is set up in a right way, shows effect and continues to need full attention. At the same time, we must also make full use of the cautious signs of market recovery. With this expansion of the Managing Board, I can fully focus on the core business. I am therefore looking forward to working with Dr. Bickel.”

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