Cem Peksaglam, chief executive officer of Wacker Neuson Group, has announced that he will step down from his position this year.
Peksaglam revealed that he does not intend to renew his six-year contract, which will expire in August 2017.
The outgoing CEO said that he had taken the decision to leave following the successful realignment of the Germany-headquartered compact equipment manufacturer’s strategy.
Hans Neunteufel, chairman of Wacker Neuson’s supervisory board, said: “The supervisory board of the Wacker Neuson Group respects Mr Peksaglam’s decision, and thanks him for his dedication and service over the last six years.
“Mr Peksaglam has played an important role in proactively shaping and driving forward the reorganisation and strategic realignment of the group during what has been a crucial restructuring phase for the company.
“His huge personal commitment has made the company a more professional organisation, and laid the foundation for further expansion. We wish Mr Peksaglam all the best for his future career, Neunteufel added.
During Peksaglam’s tenure as CEO, Wacker Neuson has expanded its international reach, building several new facilities, including a skid-steer loader (SSL) plant in the US, a generator plant in Brazil, and an excavator production facility that is due to open in China.
The group’s share value and market capitalisation have more than doubled since Peksaglam took charge in September 2011.
As CEO, Peksaglam was responsible for strategy, mergers and acquisitions (M&As), human resources (HR), legal, compliance, real estate, investor relations, corporate communication, and sustainability. He also oversaw the company’s sales, service, logistics, and marketing activities prior to the appointment of a chief sales officer.
Wacker Neuson has yet to announce Peksaglam’s successor.
