Replacement of the Executive Board of Vossloh Group

At its meeting today, the Supervisory Board of Vossloh AG has appointed the current Chief Financial Officer (CFO), Mr. Oliver Schuster, as new Chairman of the Executive Board (CEO) with effect as of October 1, 2019 and as member of the Executive Board for further five years until February 28, 2025. Mr. Schuster's responsibility for Vossloh's finance department remains unaffected. In addition, Mr. Dr. Karl Martin Runge has been appointed to the Executive Board for a three-year term effective October 1, 2019. He will, in particular, be responsible for the departments Sales and Technology. The previous precise allocation of responsibilities in relation to the different divisions to specific members of the Executive Board has been omitted. The Executive Board members manage the operating units jointly. Furthermore, the Supervisory Board and the Executive Board members, Mr. Andreas Busemann and Mr. Volker Schenk, have mutually agreed today that their appointments expiring on March 31 and April 30, 2020, respectively, will not be extended and that both Executive Board members will resign from office as of September 30, 2019. Vossloh AG will in future be managed by two Executive Board members. This streamlining of the top management reflects Vossloh’s concentration on its core business rail infrastructure. The Supervisory Board thanks Mr. Andreas Busemann and Mr. Volker Schenk for their work and contributions to the Vossloh Group.

“I am very pleased about the opportunity to take on this responsible position and would like to thank my colleagues on the Executive Board for their trusting and good cooperation. Together, we have reached decisive milestones on the way to realigning our company and have prepared further important steps with a view to the future of Vossloh. Now it is a matter of implementing the topics and strengthening our existing business in its sustainable profitability and self-financing power, as well as simultaneously pushing primarily organic growth in our traditional divisions. At the same time, Vossloh's role as an innovation driver and technology leader must be expanded in a market for rail infrastructure products and services that is increasingly characterized by digitalization. Thanks to our broad product portfolio and our unique range of rail infrastructure services, we are excellently positioned to actively shape and benefit from the forward-looking changes in our industry”, Mr. Oliver Schuster explains.

Mr. Ulrich M. Harnacke, Chairman of the Supervisory Board of Vossloh AG, adds: “The Vossloh Group is well positioned to meet the upcoming challenges after successfully focusing on rail infrastructure and with the initiated performance program. Mr. Schuster has decisively advanced the company over many years as Chief Financial Officer and we are confident that he will lead our company forcefully and purposefully into a successful future as Chairman of the Executive Board. With Mr. Dr. Runge, we were also able to gain a long-standing manager of the railway industry for us, who will significantly strengthen the Vossloh Group, particularly on the sales side, as well as regarding the operative implementation of the performance program at the respective production sites.”

09/16/2019

Replacement of the Executive Board of Vossloh Group