PARIS The bosses of Airbus supplier Premium Aerotec have resigned as the company seeks new management to help improve its financial performance.
President and Chief Executive Kai Horten, and Human Resources head Wolfram Sauer are leaving the company with immediate effect, while Chief Financial Officer Helmut Kretschmer will remain in charge until the end of June, the company said.
"Premium Aerotec is intensifying its company-wide restructuring to give a rapid and lasting boost to the company's operational and economic performance," the group said in a statement on Tuesday.
The unit of aerospace group EADS EAD.PA said it plans to reduce costs significantly by 2015, whilst focusing on generating a sustainable positive cash flow, in line with its parent's targets.
"For this purpose, an extensive package of measures has been developed," the company said.
Premium Aerotec added that it would reorganize its supply chain to have fewer direct suppliers, which would take on larger volumes and greater responsibility.
The company has named Marco Wagner, 44, as new Human Resources head and a managing director with immediate effect. Wagner ran Human Resources in Airbus' programs department. A new CEO and CFO will be appointed shortly.
EADS declined to comment.
Premium Aerotec was founded as an independent company in 2009 by joining EADS' Augsburg site with the Airbus sites at Nordenham and Varel in Germany.
(Reporting by Tim Hepher; Editing by James Regan)