The timing of the decision is related to the agreement now reached on the financial restructuring of the company. Leoni AG, the majority of financing parties and Stefan Pierer as strategic investor have agreed on a financial restructuring concept in order to substantially reduce Leoni's debt, provide it with fresh liquidity and secure Leoni’s financing for the next years. The implementation of the financial restructuring concept is subject to merger control clearance and other customary regulatory approvals.

"I see Leoni as a company with extremely committed people and products that are essential for the automotive industry," says Rinnerberger. "I feel at home in this exciting as well as challenging industry." He said it was a particular kind of challenge for him to take on responsibility at Leoni in this situation. "I am looking forward to doing my part in further driving the advanced restructuring - with the collective goal of a sustainably stabilised Leoni firmly in sight." The 59-year-old will hand over his Supervisory Board mandate.

Rinnerberger has many years of management experience in the automotive industry, combined with extensive restructuring expertise. For example, he helped to shape the growth of the Magna Group over a period of years - consistently in board functions (CFO, CRO, CEO) - and successfully restructured the automotive suppliers Polytec AG and Peguform (now SMP). Rinnerberger has been a member of the Executive Board of Pierer Industrie AG since 2010. The native Austrian has been a member of the Supervisory Board of Leoni AG since May 2021 and was elected its Chairman in May 2022.

At the end of January this year, as reported, the Supervisory Board of Leoni AG had approved Aldo Kamper's wish to leave the company at the end of March to take on a new role. CRO Ziems will assume the function of Spokesperson of the Executive Board until Rinnerberger takes office, which is to happen after successful merger control clearance.

www.leoni.com