Big Story 10

Germany's Knorr Bremse names Linde's Eulitz as its new CEO

BERLIN (Reuters) - Linde Plc executive Bernd Eulitz will become the next chief executive of German brake manufacturer Knorr Bremse, the company said on Wednesday.

Knorr Bremse has been looking for a new boss since the departure in April of Klaus Deller, who in 2018 listed the company on Frankfurt’s stock market with an initial value of 12.9 billion euros ($14.24 billion).

“Mr. Eulitz will lead the company with strategic foresight through the dynamic market environment”, supervisory board chairman Klaus Mangold said in a statement.

Eulitz will take on the new job on November 1, the company said.

Deller’s sudden resignation was due to conflicting views on leadership and cooperation, sending shares in the company down. The remaining members of Knorr’s executive board jointly took over his responsibilities.

Germany’s Manager Magazin earlier on Wednesday reported that Eulitz was the only candidate left for the top job, after the company approached several other candidates in the automotive sector.

Eulitz has been serving as an executive at Munich-based Linde AG in recent years and has been an executive board member since 2015. After Linde’s merger with U.S. rival Praxair, he took over the leadership of the group’s U.S. business.

Since the merger, Linde has lost several top-level executives from Germany, including its former Chief Financial Officer Sven Schneider, who left the company in May to join Infineon for the same role.

Reporting by Tassilo Hummel and Alexander Huebner; Editing by Michelle Martin