January 17, 2018 / 2:19 PM / a year ago

Voestalpine to decide by summer whether to extend CEO contract

VIENNA, Jan 17 (Reuters) - The supervisory board of Austrian steelmaker Voestalpine will decide by the summer whether to extend its chief executive’s contract, the group said on Wednesday, after a newspaper said Wolfgang Eder wanted to stay.

The former chairman of the World Steel Association, whose current contract expires in March 2019, is highly regarded within the industry and viewed by analysts as an asset for the company.

At the helm since 2004, Eder directed Voestalpine’s transformation from a traditional steelmaker into a specialist for finished parts for the automotive and aerospace industry.

He also pushed for an expansion into the United States, where Voestalpine opened a $1 billion plant in 2016.

Eder, 65, has told his management board colleagues that he wants to extend his contract, Austrian newspaper Oberoesterreichische Nachrichten said on Wednesday, without citing sources.

Voestalpine said its supervisory board “will make a decision regarding the extension of the contracts of all board members by summer 2018 ... the question of a further contract extension must also be clarified between the supervisory board and the chief executive in this context”.

The contracts of all six Voestalpine management board members expire at the same time. (Reporting by Kirsti Knolle; Editing by Mark Potter)

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