Generational change in Corporate Board of Management Orderly succession plan initiated for finance division

Heidenheim, Germany. The Supervisory Board and Shareholders’ Committee of Voith GmbH have introduced a planned generational change in the function of the Group CFO. Dr. Hermann Jung, who will turn 61 in July of this year, will cease to play an active role at Voith on 30.9.2016 after serving Voith extremely successfully for 31 years. By appointing a successor to this key management role the company is continuing to implement its long-term succession plan.
Toralf Haag, successor of Hermann Jung as Voith's CFO
Dr. Hermann Jung began his career at Voith in 1985 as a graduate trainee at the Group’s headquarters in Heidenheim. Following various international senior positions at Voith, including time in the USA and Brazil, Dr. Jung took on the role of Divisional Vice President Finance and Accounting at the Group’s head office in Heidenheim in 1991. On the Management Board of what was at the time the newly created Group Division Voith Sulzer Papiertechnik, he was responsible for Finance and Controlling from 1994 and for Marketing and Organizational Development from 1999. In 2000 Dr. Jung was appointed as CFO of the Corporate Board of Management.

In addition to his work for Voith, Dr. Hermann Jung holds a number of other positions. He is a member of the Supervisory Board of Talanx AG/HDI V.a.G. and sits on the Advisory Boards of Commerzbank AG and BayernLB. Dr. Jung is also Deputy Chair of the Administrative Board of Dachser Group SE & Co. KG.

“The workforce, Corporate Board of Management, Supervisory Board and Shareholders’ Committee look back with great respect at the very successful and loyal work by Hermann Jung for Voith over the decades and would like to thank him most sincerely for the service he has rendered. He is a role model for the values of our family-owned company and has served Voith admirably. We are delighted that we have managed to find a suitable successor and thus ensure an orderly transition into what is a key position within the Group,” says Professor Dr. Hans-Peter Keitel, Chairman of the Supervisory Board and Shareholders’ Committee.

The boards have appointed Dr. Toralf Haag to succeed Dr. Jung. Since 2005, Dr. Haag has been CFO of the listed Swiss chemical and pharmaceutical company Lonza Group AG, one of the world’s leading producers of pharmaceutical agents in the chemical and bio-technological sectors. He has a degree in business administration from the University of Augsburg and completed his doctorate at the University of Kiel as part of a German Research Foundation project. Before he joined Lonza, Dr. Haag had already been the CFO of Europe’s largest copper producer, Norddeutsche Affinerie AG, now Aurubis AG, in Hamburg. Before that he spent four years in the USA at the Budd Company Detroit, a subsidiary of ThyssenKrupp Automotive. He was initially Director Finance, M&A and Corporate Development, before he was appointed CEO of the Budd Company’s Stamping & Frame Division. On completing his doctorate, Dr. Haag had started his career as personal assistant to the Chairman of Thyssen Handelsunion AG in Düsseldorf. Toralf Haag is 50 years old.

“In Toralf Haag we are gaining an acknowledged, internationally experienced financial expert and manager, who has demonstrated over the various stages of his career that he is capable of making a strong contribution to and successfully completing expansion projects in major corporate contexts. He comes to us from a roughly 120-year-old Swiss corporation steeped in tradition which espouses similar values to those of Voith. His fresh perspective on our company and his extensive expertise will be a real asset to us,” says Professor Keitel.

Voith sets standards in the markets energy, oil & gas, paper, raw materials and transport & automotive. Founded in 1867, Voith employs more than 20,000 people, generates € 4.3 billion in sales, operates in about 60 countries around the world and is today one of the largest family-owned companies in Europe*.
* Excluding the discontinued Group Division Voith Industrial Services.